The territory's office real estate market looks unlikely to rebound for some time to come, given a mixture of ongoing coronavirus effects, hoarding owners and political unrest.
The unwillingness of local real estate owners to drop prices despite the Covid-19 pandemic means that there are few investment opportunities to be found.
A sizeable number of troubled high yield bonds are from private equity-backed companies. What are the chances their general partner owners will help bail them out?
Regional life insurance firms holding corporate bonds that have been downgraded to junk would need to sell them to maintain solvency ratios and capital requirements.
But other investors have been busy striking deals in Japan's residential sector, which is seen as likely to hold up better than other Asian real estate markets amid the pandemic.
The Hong Kong-based insurer is looking to investment-grade bonds in the region as it seeks decently yielding debt that is unlikely to be downgraded into junk territory.