ZeroHedge has a good wrap on yesterday’s very bad day for China’s rapidly expanding number of Evergrandes:
Two days after we reported that “China Junk Bond Yields Hit All Time High As Property Default Contagion Spreads”, the index of Chinese junk bond yields has hit a fresh all time high, rising above 21% on Thursday…
… as the contagion vortex in the Chinese property sector claimed yet another victim when Chinese property developer Kaisa Group Holdings – the 25th largest developer in the country by home sales – said on Thursday its finance unit had missed a payment on a wealth management product (WMP), adding to worries about a cash crunch at the debt-strapped company.