It is well known that international bond investors have loaned tens of billions of dollars to Chinese companies in recent years and that some of those companies, notably Sino Forest and China Forestry, are now in distress.
Less well known, however, is the fact that almost every Chinese borrower that has tapped the international markets for funds has done so through a circuitous route that exposes investors to considerable risk.
Distressed debt specialists and insolvency experts say many investors have failed to appreciate the dangers and are likely to suffer big losses when these bonds come due in the next few years.
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