In 2016, I told myself: “Stay away from this Chinese company at ALL cost.” It was a Thursday. I was in a room filled with high-level executives dressed in black suits – the company’s chief financial officer, finance managers, bankers, analysts and fund managers were there. It was a big, important meeting. I sat by the corner of the long, brown wooden table, laid my notebook down, and flipped to a fresh page. I stuck my ears close as the translator spoke why the CFO wanted to raise more money for the company. You see, I started my analyst career when interest rates were almost zero. Back then, even Chinese property developers from blue-chips to junk-rated companies all wanted to raise debt. China’s skyline was dominated by the grey, skeletal skyscrapers wrapped in scaffoldings. Tower cranes with long, mechanical arms swung on these buildings — there were noise of rapid urban growth. And China’s property bond market was hot like an iron....