Evergrande restructuring is a warning to China’s other creditors

China Evergrande has finally laid out a debt-restructuring plan for its offshore creditors. The pain for its long-suffering debt investors, however, isn’t over yet.

That also gives a warning to owners of other offshore property debt. Many investors piled into those bonds on the assumption that Beijing would never allow a truly widespread property bust because of the fraught politics of homeownership in China. That assumption proved wrong, and now they are likely to pay a st