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Good luck rescuing Chinese ponzi-developers

December 8, 2023 - 09:40 -- Admin

Some numbers courtesy of Barclays. How severe are the haircuts required? In our view, the absence of debt-principal haircuts for developers with highly leveraged balance sheets and unsustainable capital structures implies that repeated restructurings are likely in the future. By failing to address its level of debt, the issuer effectively kicks the can down the

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