Less than seven months ago, an investor consortium led by an obscure Chinese energy conglomerate reached an ambitious deal to buy one of Hong Kong’s landmark skyscrapers for a record-setting price. Not long after, the Beijing-based conglomerate known as China Energy Reserve and Chemicals Group backed out of the $5.2 billion deal, and this month it defaulted on a set of U.S. dollar bonds.

Source: Wall Street Journal May 28, 2018 11:26 UTC