A major real estate developer's yuan-denominated bonds just hit the pause button on trading. We're talking about their 2028 notes here – these things crashed hard, dropping 36% in value to land at just 34.5 per 100 par value. That's a brutal haircut by any standard. When you see bonds trading at roughly a third of face value and exchanges stepping in to halt trading, it's usually a red flag signaling serious distress. The fixed income market doesn't mess around with these kinds of moves. This kind of price action in corporate debt often ripples through to risk assets across the board, so definitely something worth keeping an eye on if you're tracking macro headwinds.