The Tibetan plateau, whose grassland encompasses most of north-west China’s Qinghai province, was the unlikely setting for a bond default scare this week.
Qinghai Provincial Investment Group unexpectedly missed payments on bonds sold both within and outside China, marking the first offshore default by a state-owned enterprise in more than 20 years.
The episode highlights how interpreting political relationships is as important as analysing cash flows in assessing the danger of default at Chinese SOEs.
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