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(Bloomberg) From afar, China Evergrande Group had all the makings of a killer distressed-debt trade: $19 billion in defaulted offshore bonds; $242 billion in assets; and a government that appeared determined to prop up the country’s faltering property market. So US and European hedge funds piled into the debt, envisioning big payouts to juice their returns.Most Read from BloombergBiden’s Attempt to Address Memory Issue Backfires With New GaffeA 99% Bond Wipeout Hands Hedge Funds a Harsh Lesso

Dong caoZheng wuHong kongBloomberg businessweekDavid knutsonHui ka yanDavidson kempnerErin hudsonAlvarez marsalEliza ronalds hannonChina evergrande groupChina international capital corpCountry garden holdings coChina international holdingsChina limps into yearCredit roundtable