The Hukuang Railway bond was sold in 1911 to help fund construction of a rail line stretching from Hankou to Szechuan.
After regime established, china doesn’t recognize the debt, of course. A political regimes should inherit their predecessors’ rights and obligations
Hong Kong ruled under communist China since 1997, but not Taiwan China. It exercise its rights under legal principle. At the same time, it should also admit and inherit the predecessors’ debt
US should put enforcement on communist China government, they are practical and legal:
Freeze China’s holding US national debt as a compensation or at least, Block China selling new debt in international markets if China government refuses to redeem
Or China government could give up the rule on HK to deny its successor ‘s legitimacy.