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Doubts about the financial health of some companies began simmering years earlier. Evergrande, the world’s most indebted developer, has spent much of the past decade lurching from one liquidity crisis to the next. But few imagined the Chinese Communist Party presiding over such a dramatic, sector-wide collapse.

“No one could have predicted this. If someone tells you they predicted this, they’re a genius or lying through their teeth,” said Desmond How, fixed income chief investment officer at Gaoteng Global Asset Management Ltd.

Yes, it's a fucking black swan event that a socialist government would tell a bunch of bankers to eat shit when they scam a bunch of people over their apartments. Truly an unpredictable catastrophe :cap-think:

  • zifnab25 [he/him, any]
    ·
    2 years ago

    Now, the $203 billion market—which once yielded several deals a week and padded portfolios across the world from Pimco to UBS—is all but dead. And offshore investors are swallowing almost all of the losses.

    :xi-lib-tears:

    “No one could have predicted this. If someone tells you they predicted this, they’re a genius or lying through their teeth,” said Desmond How, fixed income chief investment officer at Gaoteng Global Asset Management Ltd.

    How cut his teeth trading Asia high-yield credit at Lehman Brothers Holdings Inc. before its bankruptcy during the global financial crisis.

    :data-laughing: