Over the last three weeks China has seen a deluge of companies defaulting on bonds. Property prices are collapsing all over the country with CCP officials dumping property for pennies on the dollar. Chinese banks have written off $9.8 billion in NPLs off their balance sheets in the last month and it looks set to explode as property prices fall (property is the key collateral for Chinese bank loans). Many of China's key industries are in serious trouble from shipbuilding, mining, heavy equipment to steel and construction. PBOC has only bailed out SOEs to date so China's private sector is in serious trouble. Ronsheng is the first major company set to default, keep an eye out as if it doesn't get bailed out, no one is safe.