Goldman:Raising FY22 China Property HY default rate forecast to 31.6%. Given the pick up in stresses, we raise our FY22 China Property HY default rate forecast to 31.6% (from 19.0% previously), which was our previous bear case assumption. A long path towards restructuring for China property HY sector. To us, these indicate we are on a long path towards restructuring the China property HY sector. CNY rallied on the rate cut but there’s still no reason to buy and every reason to sell.

Source: Stuff May 23, 2022 08:32 UTC