Following on "Hong Kong Stocks Crash, Futures Slide As Markets Finally Freak Out About Evergrande Default Contagion", some backstory:
It started a while back and has seen other defaults, including SOEs. What are the specific policy changes? Most important is the introduction of the 3 red lines a year ago:
— Girolamo Pandolfi da Casio ditto Carlo Dossi Erba (@INArteCarloDoss) September 17, 2021
- L/A < 70%
- net leverage < 100%
- cash to ST debt > 1
2/N
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