The main obstacle is that the First Data deal "has all the bells and whistles of the bubble era", says another banker: it is, for instance, "covenant-lite" and offers lenders little protection.

The main obstacle is that the First Data deal “has all the bells and whistles of the bubble era”, says another banker: it is, for instance, “covenant-lite” and offers lenders little protection.

The bad news: The data make it even clearer why China's property bubble is so hard to Pierce.