After a delay, Yangzijiang Financial (YZJFH) has released the slides about how they have been investing. Doubling Down on China's Real Estate YZJFH shows how the breakdown of their debt investments. One thing that stood out for me was how the company has increased its exposure in real estate debts. This has increased from 29% in Dec 2022 to 35% in June 2023. This was despite a decrease in the debt portfolio from SGD$2.4 billion to SGD$2.33 billion. This shows the company has deployed more cash into the distressed China Real Estate Sector. Given YZJFH is charging high single to double digit interest on their debt investments. We can safely infer that the China property developers YZJFH lends to are not the State Owned Tier 1, but Tier 2 private developers in distress. This is because these state own Tier 1 developers publish their cost of borrowing to be only 3-4% interest....