$EVERGRANDE - Chinese property developers like Evergrande have unsustainable business models requiring continuous debt expansion to survive, making them structurally unviable
$CNRE - China's real estate sector faces structural problems as government policies attacked developers without addressing underlying incentive misalignments between households and local governments
$CNEQUITY - Chinese equities face structural headwinds due to political restrictions on entrepreneurship and innovation that are unlikely to change
$CNLOCGOV - Chinese local governments face a structural funding gap with huge spending responsibilities but insufficient revenue sources since the 1994 tax reform
$COUNTRYGARDEN - Even supposedly safer Chinese property developers like Country Garden are experiencing financial distress due to sector-wide structural problems