Distressed asset managers in China’s private sector are struggling to profit from the country’s slowing economy, with no bottom in sight for its collapsing property sector and lenders reluctant to write off bad loans.
Almost a dozen distressed investment funds told the Financial Times they had not increased their exposure to residential and commercial properties, usually the most popular form of collateral in Chinese debt restructurings, despite soaring defaults in the real estate sector.
“A lot of us are standing by not knowing where to spend our money,” said an executive at Qingdao Huba Asset Management Co, which specialises in trading bad loans.
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