5. No informed view on Evergrande other than China High Yield Property bonds continue to trade lower and aren’t pricing in any form of resolution any time soon. Evergrande has spun out its Property Services and NEV business, so not sure what else they can sell to reduce leverage.

Given Ping An rescued Founder Group maybe the burden of Evergrande will fall on one of its better capitalised Property peers, and possibly some Banks/Insurers.

Interested in any views on who the “white knight” may be to save this “grey rhino”.