For private equity in China, it’s a case of paradise well and truly lost. That much was clear from the mood at a major industry gathering held in Hong Kong this week. Nearly every talk at the annual China Private Equity Summit began with an admission that the outlook is grim.  Fund managers used to placing one-way bets on a rising Chinese economy and Beijing’s support grumbled about how tough it’s become to raise money for investment both at home and abroad, as high interest rat