中國壞債市場吸引全球投資者

Global investors are returning to China’s swelling market for bad debt after several years of watching from the sidelines.

在多年觀望后，全球投資者正在重返中國不斷膨脹的壞債市場。

Private equity funds Lone Star and PAG over the past few months have started buying non-performing loan (NPL) portfolios in the country, according to several people familiar with the matter.

根據(jù)幾名知情人士的說法，近幾個月里，私募股權基金孤星基金(Lone Star)和太盟投資集團(PAG)開始在中國買入不良貸款資產組合。

The entrance of the groups marks the first time in years that foreign funds have braved China’s bad debt market without powerful local partners.

這兩家集團的入場，標志著外國基金多年來首次在沒有強大本土合作伙伴的情況下闖蕩中國壞債市場。

Non-performing loans at Chinese banks have ballooned over the past three years following a government-led credit binge starting at the onset of the global financial crisis. Investors estimated late last year that the volume of bad debt in the country had reached $3tn.

過去三年，在始于全球金融危機爆發(fā)的政府主導的信貸狂宴之后，中國各銀行的不良貸款大大增加。投資者在去年末估計，中國的壞債規(guī)模已達到3萬億美元。

Beijing has sought a number of solutions to damp down the level of toxic assets in its financial sector, such as securitising NPLs or pushing banks to swap them out for equity in the debtors.

北京方面已嘗試多種解決方案降低金融部門的有毒資產水平，比如將不良貸款證券化，或迫使銀行將壞債置換成債務人的股權。

Despite the rapidly growing market, most global investors have avoided distressed debt investing in China, fearing prolonged legal battles in local courtrooms and unresolvable loans connected to China’s waning state manufacturing sector.

盡管壞債市場迅速增長，但是多數(shù)全球投資者迄今規(guī)避對中國不良債務的投資，懼怕被卷入在中國國內法庭上演的曠日持久的法律戰(zhàn)，也懼怕與中國境況不佳的國有制造業(yè)部門有關的解決不了的貸款。

But as distressed debt investing in Europe slows, more global funds are expected to turn to China, according to Jonathan Daniel, head of portfolio lead advisory at Deloitte Tohmatsu in Tokyo. 不過，根據(jù)東京德勤(Deloitte Tohmatsu)資產組合負責人咨詢主管喬納森•丹尼爾(Jonathan Daniel)的說法，隨著歐洲壞債投資增長放緩，更多全球基金預計會轉向中國。

“In 2016, we saw $170bn of European NPL sales and whilst this figure is significantly larger than what we saw in Asia during 2016, we note the declining volumes (and returns) seen in UK, Ireland and Spain,” said Mr Daniel. “Recognising this, US PE investors are now looking to Asia and specifically China for future deal flow as Europe resolves its NPL issues.”

丹尼爾表示：“2016年，我們看到歐洲不良貸款成交額為1700億美元。盡管這一數(shù)字顯著高于2016年亞洲的數(shù)字，但我們注意到英國、愛爾蘭和西班牙的成交額(以及回報)出現(xiàn)了下滑。有鑒于此，在歐洲解決其不良貸款問題之際，美國私募股權投資者正將目光轉向亞洲(尤其是中國)以尋覓未來的交易流。”

PAG has run a private credit business in China for roughly a decade. The surge in bad debt attracted the group to the NPL market, said Jenny Liu, a managing director at PAG.

盟投資在中國運營私人信貸業(yè)務已有差不多10年。該集團一名董事總經理珍妮•劉(Jenny Liu，音譯)表示，壞債激增吸引該集團進入不良貸款市場。

“The volume was not that big before but it is increasing significantly,” Ms Liu said. “There is definitely a lot more interest especially from foreign investors even though the market is still dominated by Chinese money. This is probably the starting phase of a multi-year cycle.”

劉女士表示：“過去的成交額不是很大，但現(xiàn)在正在顯著上升。投資興趣，尤其是外國投資者的投資興趣，肯定增加了許多，盡管該市場仍由中資主導。這很可能是一個多年周期的起步階段。”

PAG will aim to invest in NPL portfolios of more than $50m-$60m, Ms Liu said.

劉女士表示，太盟投資打算向不良貸款資產組合投資5000萬至6000萬美元以上。

Lone Star did not respond to questions on the matter.

孤星基金沒有回應涉及此事的問題。

Lone Star and PAG join only a few other foreign investors in the bad debt industry in China. ShoreVest Capital Partners began buying NPL portfolios in China in November. The group was formed by Benjamin Fanger, a long-time China distressed debt investor, after the split-up of an earlier fund.

在孤星基金和太盟投資之前，只有寥寥幾家其他外國投資者投資于中國的壞債產業(yè)。去年11月，ShoreVest Capital Partners開始在中國買入不良貸款組合。該集團由長期投資于中國壞債的方杰明(Benjamin Fanger)在之前一只基金分拆后創(chuàng)建。

Global fund Oaktree Capital launched a joint venture in 2013 with China Cinda Asset Management, one of four government-backed groups mandated to buy up bad debt from banks. KKR tied up with another state-run asset manager, China Orient Asset Management, in 2016.

2013年，全球基金橡樹資本(Oaktree Capital)與中國信達資產管理公司(China Cinda Asset Management)組建了一家合資企業(yè)。中國信達是受權從銀行買入壞債的四家政府支持的集團之一。2016年，KKR與另一家國有資產管理公司中國東方資產管理公司(China Orient Asset Management)結盟。

“If we can find opportunities to buy loans at a discount from the banks and work with company promoters to restructure, that could be interesting to consider,” said Sabita Prakash, a director at ADM Capital.

ADM Capital董事薩比塔•普拉卡什(Sabita Prakash)表示：“如果我們能找到機會，以折扣價從銀行買入貸款，然后與公司發(fā)起人合作進行重組，那會是有意思的考慮對象。”

“However, most of the NPLs are in the traditional manufacturing sectors with high overcapacities and unproven business profiles. We are good at restructuring financial profiles but prefer to see proven business solvency before considering these assets.”

“不過，多數(shù)不良貸款來自產能高度過剩、業(yè)務輪廓未經證實的傳統(tǒng)制造業(yè)部門。我們擅長于重組財務輪廓，但在考慮這類資產之前，希望看到企業(yè)的償付能力得到證明。”