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Evergrande's Bulls and Bears: Fund Managers React to a Looming Default

As troubled Chinese real estate developer Evergrande Group teeters on the brink of what could become China’s largest-ever debt restructuring, its effects are being felt across global markets. We highlight bullish and bearish views of the situation from fund managers. Mara Dobrescu, Patrick Ge, and Saraja Samant contributed to this article.

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About the Authors

Shannon Kirwin

Associate Director, Cross-Border Ratings Chair, Fixed Income Ratings Lead
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Shannon Kirwin is a associate director, fixed income strategies for Morningstar’s EMEA manager research team and is based in Munich. She covers mutual funds with an emphasis on fixed-income strategies.

Before joining the German investment research team in July 2013, she spent four years in Morningstar’s Chicago office, first as a software training manager and then as a mutual fund analyst covering fixed-income strategies in the American market.

Shannon holds a bachelor’s degree and an MBA from the University of Chicago. Prior to joining Morningstar in 2009, she spent a year at Tsinghua University in Beijing, China as a Fulbright fellow. She speaks Mandarin Chinese.

Mike Mulach

Senior Analyst
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Mike Mulach is a senior manager research analyst for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc. He covers fixed-income strategies.

Before assuming his current role in 2019, Mulach worked in data and client services as a member of the Morningstar Development Program. Prior to that, he interned as an investment banking analyst at TM Capital and as a wealth management analyst for UBS Financial Services.

Mulach holds a bachelor's degree in economics and art history from Bates College.

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