The Chinese corporate bond market is being tested.
Credit: Pier Marco Tacca - Inter/FC Internazionale via Getty Images
Last year, the creditors of the world’s most-indebted real estate developer, Evergrande, gathered for a signing ceremony in Beijing where they agreed not to force the company to pay them their debt. A photo from the event shows Zhang Jindong, a Chinese tycoon and then-chairman of Nanjing-based retail giant Suning, standing next to his longtime friend, Evergrande’s chairman Xu Jiayin, and clapping unenthusiastically.
That day, Zhang helped his friend avoid a near-term cash crunch by waivin
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