Global distressed-debt specialists are stepping up their dealmaking in China after a decade, betting that the country is becoming serious about developing a market to tackle its $256 billion of official non-performing loans (NPLs). Groups such as Blackstone Group LP and Bain Capital Credit LP made their first investments in recent months, amid surging write-offs by banks and indications that China's commercial bad loans market is set to deepen. Oaktree Capital Group LLC last month agreed to buy a portfolio of distressed loans with a face value of 3.1 billion yuan ($476.70 ...
Global distressed-debt funds circle China again, eye $256 bn bad-loans mkt
NPLs on commercial bank balance sheets officially amounted to 1.67 trillion yuan ($256.80 billion) at the end of September