國際投資者關注中國壞賬市場

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.

新岸資本(ShoreVest Capital Partners)表示已推出一支7.5億美元的瞄準中國壞賬的基金。這個以令外部投資者受挫而著稱的市場，正引起外國投資者越來越大的興趣。

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.

這家總部位於廣州的公司表示，利用全球投資者對中國正在萌生的不良貸款的需求，該公司已從主權財富基金和養老基金中籌集到資金。

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

今年至少還有其他三家國際投資機構進入了中國壞賬市場。

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.

中國不透明的法律制度以及擁有國有資產所涉及的問題，令從中國壞賬中獲取回報成爲一項複雜任務。近年來一些涉足這個市場的外國投資者發現，如果就業受到威脅，地方法院不願讓外國投資者重組企業。

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年以來中國壞賬水平激增，導致該市場不良貸款交易過剩，也增加了北京方面解決這一問題的壓力。最近，穆迪(Moody’s) 25年來首次下調了中國的主權信用評級，部分原因是出於對不斷飆升的公司債務水平的擔憂。

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.

雖然中國各商業銀行的官方不良貸款率低於2%，但分析師認爲真實數字可能高達15%。 新岸資本估計中國的壞賬存量已達3萬億美元，政府已鼓勵銀行對這些壞賬進行處理。

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.

國際銀行從十多年前開始投資中國的不良貸款，有多家曾成功達成交易並實現盈利。最近外部投資者完成的交易數量仍然很少。同時本土不良債務基金紛紛涌現，給不良貸款組合的拍賣增加了一些競爭。

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

儘管對中國不良債務的總體投資熱度不高，但新岸資本表示一些大型國際投資者重新回到了該市場。

“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.

新岸資本管理合夥人方傑明(Benjamin Fanger)表示：“10年前我籌建我們的第一支基金時，對中國不良貸款感興趣的有限責任合夥人(LP)只有那些能接受複雜利基策略的。”他說，該資產類別後來吸引了更廣泛的大型國際投資者。

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.

貝恩資本(Bain Capital)上週表示，已斥資2億美元從一家中國資產管理公司收購了一個不良貸款組合，這是該公司首次涉足中國壞賬市場。據貝恩資本表示，新岸資本是這筆收購的總服務商(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.

據多位知情人士透露，2017年初，美國私募股權投資公司孤星(Lone Star)和香港同行太盟投資集團(PAG)開始在中國購買不良貸款組合，標誌着多年來首次有新的國際投資者在沒有大型內地合作伙伴的情況下進入該市場。太盟投資表示，目前進入該市場的不良貸款交易數量正在顯著增加。

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.

新岸資本從去年11月份開始在中國購買不良貸款。該集團由長期投資於中國壞債的方傑明在早前一支基金分拆後創建。

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.

一些諮詢顧問對中國不良貸款吸引的國際投資意向不看好，他們表示，正如許多投資者長期以來所擔憂的，這種投資的回報仍持續低於預期。

“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.”

普華永道(PwC)駐香港合夥人區兆邦(Ted Osborn)在提到中國不良貸款投資的整體情緒時表示：“實際上我並不認爲整體環境正在升溫。有6到8支基金配備了一些人手去找交易，但他們實際找到的並不多。眼下根本沒有什麼回報。”