Rising trade tensions with the US haven’t dampened the pace of dollar-denominated bond issuance by Chinese companies, particularly in the highly-leveraged property sector. In the last 12 months, real estate issuers in China have increased their outstanding debt by $38 billion, half of that in this year alone.

The biggest names here include Evergrande Group, Sunac and Country Garden, with most issuance done via Caribbean tax havens. Let’s look at them in more detail.