15 August 2025 China Real Estate Equities From beta to alpha (2) – Be mindful of MCB dilutions China Another reason to focus on Alpha: Despite progress made on distressed developers' debt restructuring, we are mindful of potential risks tied to mandatory convertible bonds (MCB) as a major component of any holistic debt restructuring proposals. The risks lie in the significant share dilution upon conversion and the corresponding share price impact. These risks are specific to distressed developers and should ...