Why 2021 promises a fresh wave of defaults from corporate China File Photo: Creditors have demanded a restructuring of HNA Group, which could affect the embattled conglomerate’s ability to repay a $200 million bond that is due this year (AP) Frances Yoon , The Wall Street Journal Property developers, which are a big part of the Chinese offshore bond market, could be one source of stress Share Via Read Full Story A gap has opened up between rates on junk bonds from China and the US, fueling interest in higher-yielding Chinese debt. This year is likely to bring a series of defaults from China after a string of blowups in 2020. But some investors say they are being compensated well for the risk—and Chinese companies are still less likely to run into financial trouble than their American counterparts.