The crisis in China has caused a lot of borrowers to default. Evergrande started this snowball.

Chinese borrowers default in record numbers as economic crisis deepens
More than 8mn people are blacklisted by authorities after missed payments on mortgages and business loans.

Defaults by Chinese borrowers have surged to a record high since the outbreak of the coronavirus… pic.twitter.com/SOXOR3tX01

— floridanow1 (@floridanow1) December 13, 2023

China's Real Estate Market suffered an 81% drawdown from 2021-2022 and another 64% drawdown in 2023 pic.twitter.com/cmDPeYbuwx

— Win Smart, CFA (@WinfieldSmart) December 8, 2023

h/t Christian