Business school teaches that risk and return are related. For less tuition, the School of Hard Knocks teaches “no pain, no gain”. Holders of Chinese corporate debt, regardless of school, must prepare for the former.
Take Kaisa. At the weekend, the embattled Hong Kong-listed China property developer announced its plan to restructure its offshore debt.
The terms are unfavourable, including an extension of maturity and a haircut on the coupon, but without the deal, a rescue buyout by peer Sunac will not go ahead.
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