In the overview section, we take a look at credit strategy for 2H21 after a lacklustre performance by the Asian credits markets in 1H. We are positive for the rest of the year and suggest picking up sub-investment grade laggards that have been beaten down in the past six months. In particular, we believe the Chinese property space will do better after being undermined by debt and defaults in 1H. Sentiment should improve as local governments are likely to refrain from applying additional regulatory measures due to fears of triggering a material correction in home prices. We also expect net issuance in the real estate sector to shrink, with property developers benefitting the most from the scarcity angle resulting in credit spread compression. While the current sentiment is extremely fragile, we have seen early signs of green shoots in the onshore CNY bond market for offshore HY-rated developers since June.