国际投资者关注中国坏账市场

ShoreVest Capital Partners says it has launched a $750m fund targeting bad debt in China as foreign interest builds in a market known for frustrating outside investors.

新岸资本(ShoreVest Capital Partners)表示已推出一支7.5亿美元的瞄准中国坏账的基金。这个以令外部投资者受挫而著称的市场，正引起外国投资者越来越大的兴趣。

The Guangzhou-based firm said it has already raised cash from sovereign wealth funds and pension funds, tapping into still-nascent demand from global investors for non-performing loans in China.

这家总部位于广州的公司表示，利用全球投资者对中国正在萌生的不良贷款的需求，该公司已从主权财富基金和养老基金中筹集到资金。

At least three other global investors have moved into the market for China’s bad debt this year.

今年至少还有其他三家国际投资机构进入了中国坏账市场。

The country’s opaque legal system and problems connected to owning state assets have made recovering returns from bad debt in China a complicated task. Some foreign investors that have waded into the market in recent years have found local courts reluctant to allow foreign investors to restructure companies if jobs were at stake.

中国不透明的法律制度以及拥有国有资产所涉及的问题，令从中国坏账中获取回报成为一项复杂任务。近年来一些涉足这个市场的外国投资者发现，如果就业受到威胁，地方法院不愿让外国投资者重组企业。

The level of bad debt in China, however, has surged since 2013, bringing a surplus of NPL deals to the market and adding pressure on Beijing to resolve the problem. Moody’s recently downgraded China’s sovereign rating for the first time in 25 years in part over concerns regarding surging corporate debt levels.

然而自2013年以来中国坏账水平激增，导致该市场不良贷款交易过剩，也增加了北京方面解决这一问题的压力。最近，穆迪(Moody’s) 25年来首次下调了中国的主权信用评级，部分原因是出于对不断飙升的公司债务水平的担忧。

While the official rate of NPLs at Chinese commercial banks hovers below 2 per cent of total assets, analysts say the true figure could be as high as 15 per cent. ShoreVest estimates that China’s stock of bad debt has hit $3tn and the government has incentivised banks to deal with the load.

虽然中国各商业银行的官方不良贷款率低于2%，但分析师认为真实数字可能高达15%。 新岸资本估计中国的坏账存量已达3万亿美元，政府已鼓励银行对这些坏账进行处理。

Global banks started investing in China’s bad loans more than a decade ago and several succeeded in striking profitable deals. More recently, the number of transactions pulled off by outsider investors has remained small. At the same time, local distressed debt funds have sprung up, adding some competition at auctions for bad loan portfolios.

国际银行从十多年前开始投资中国的不良贷款，有多家曾成功达成交易并实现盈利。最近外部投资者完成的交易数量仍然很少。同时本土不良债务基金纷纷涌现，给不良贷款组合的拍卖增加了一些竞争。

Despite the generally tepid sentiment on distressed debt investing in China, ShoreVest says some large global investors are coming around to the market.

尽管对中国不良债务的总体投资热度不高，但新岸资本表示一些大型国际投资者重新回到了该市场。

“When I raised our first fund 10 years ago, the only LPs [limited partners] interested in Chinese NPLs were those who were open to sophisticated niche strategies,” said Benjamin Fanger, ShoreVest managing partner. The asset class has since attracted a wider range of larger global investors, he said.

新岸资本管理合伙人方杰明(Benjamin Fanger)表示：“10年前我筹建我们的第一支基金时，对中国不良贷款感兴趣的有限责任合伙人(LP)只有那些能接受复杂利基策略的。”他说，该资产类别后来吸引了更广泛的大型国际投资者。

Last week Bain Capital said it had bought a portfolio of bad loans from a Chinese asset management company for $200m, its first foray into bad debt in China. ShoreVest is acting as the master servicer for the acquisition, according to Bain.

贝恩资本(Bain Capital)上周表示，已斥资2亿美元从一家中国资产管理公司收购了一个不良贷款组合，这是该公司首次涉足中国坏账市场。据贝恩资本表示，新岸资本是这笔收购的总服务商(master servicer)。

In early 2017, US private equity firm Lone Star and Hong Kong peer PAG began buying non-performing loan portfolios in China, according to several people familiar with the matter, marking the first time in years that new global investors have pushed into the market without a large mainland partner. At the time, PAG said the volume of NPL deals coming on to the market was increasing significantly.

据多位知情人士透露，2017年初，美国私募股权投资公司孤星(Lone Star)和香港同行太盟投资集团(PAG)开始在中国购买不良贷款组合，标志着多年来首次有新的国际投资者在没有大型内地合作伙伴的情况下进入该市场。太盟投资表示，目前进入该市场的不良贷款交易数量正在显著增加。

ShoreVest began buying NPL portfolios in China in November. The group was formed by Mr Fanger, a long-time China distressed debt investor, after the split-up of an earlier fund.

新岸资本从去年11月份开始在中国购买不良贷款。该集团由长期投资于中国坏债的方杰明在早前一支基金分拆后创建。

Some consultants expressed scepticism on the level of global interest in China’s toxic loans and say that, as many investors have long feared, the returns on such investments have continued to fall below expectations.

一些咨询顾问对中国不良贷款吸引的国际投资意向不看好，他们表示，正如许多投资者长期以来所担忧的，这种投资的回报仍持续低于预期。

“I actually don’t think it is increasing right now,” Ted Osborn, a partner at PwC in Hong Kong, said of the overall sentiment for investments in distressed debt in China. “There are six to eight funds that have dedicated some people to finding deals but they aren’t actually finding much. Returns just aren’t there at the moment.”

普华永道(PwC)驻香港合伙人区兆邦(Ted Osborn)在提到中国不良贷款投资的整体情绪时表示：“实际上我并不认为整体环境正在升温。有6到8支基金配备了一些人手去找交易，但他们实际找到的并不多。眼下根本没有什么回报。”