欢迎访问译联翻译公司!  联系邮箱:fanyi@translian.com
当前位置:首页 > 新闻动态 > 译联动态

新闻动态 / NEWS

在线咨询 / ONLINE CHAT



广州资产翻译公司:中国不良资产投资迎来新机遇?

作者: 来源: 日期:2016/8/11 8:25:58

China vulture funds hunt for bargains amid debt wreckage

中国不良资产投资迎来新机遇?

 

广州资产翻译公司:尽管中国的坏账投资者都认为,市场上即将出现大批不良资产,但对于其中的盈利机会,各方却分歧严重。

 

When Chinese distressed debt investor Sheng Li goes to inspect property pledged as collateral for a bad loan, he never knows what he may encounter.

当中国坏账投资者盛利前去查看一笔坏账的地产抵押物时,他从来不知道自己会遇到什么情况。广州资产翻译公司。

 

On a sweltering summer day at a rundown commercial development market in the outer suburbs of Shanghai, he finds a shirtless man arranging rolls of wallpaper for shipment. The bare concrete floors of the residential apartment on the upper floor are strewn with rubbish.

在一个酷热的夏日,他在上海远郊一个破败的商业开发市场发现一名赤膊男子正将成卷的壁纸打包装运。楼上居民住宅的水泥地面上到处是垃圾。

 

Sometimes I’ll hear my colleagues say: ‘This is an ugly place. We shouldn’t buy it.’ But that’s the wrong approach. All that matters is the difference between the buy and sell prices. It’s not like I’m going to live here,” says Mr Sheng, executive partner at Bald Eagle Asset Management, which manages a portfolio of about Rmb1bn ($151m) in assets.

**资产管理公司(Bald Eagle Asset Management)的执行事务合伙人盛利表示:“有时我听到同事们说:‘这地方真差。我们不该买它。’但这么想就错了。唯一重要的是买卖价差。又不是买来自己住的。”**资产管理公司管理着约10亿元人民币(合1.51亿美元)资产。

 

This is the unglamorous work of investing in Chinese distressed debt, which is essentially a real estate play. Property is overwhelmingly the collateral of choice for loans, and chasing debtors for repayment is usually a futile task.

投资中国不良债务的工作就是这么枯燥乏味,本质上它玩的是房地产。贷款往往会用房地产作抵押,而追着债务人要其还钱一般都会无功而返。广州资产翻译公司。

 

The world of Chinese “vulture funds” remains small but the industry is poised for growth. Non-performing loans in the country hit an 11-year high of Rmb1.39tn at the end of March, not including defaults on shadow-bank credit. Bad debts are expected to grow as the bill comes due from China’s post-financial crisis debt binge.

中国的“秃鹫基金”行业规模还不大,但该行业即将迎来增长。截至今年3月底,中国商业银行不良贷款余额达到1.39万亿元人民币,创下11年来的最高水平。随着本次金融危机后中国放贷狂潮期间放出的贷款陆续到期,预计坏账将会继续增加。

 

China’s finance ministry created four asset management companies in 1998 to clean up the commercial banking system and the AMCs remain the dominant players, but small funds such as Mr Sheng’s are playing an increasingly large role.

中国财政部在1999年创立了4家资产管理公司来清理商业银行体系的坏账,这几家资产管理公司如今依然在这个市场上占据主导地位,但**资产管理之类的小基金公司也在扮演越来越重要的角色。

 

The development Mr Sheng is visiting was once a construction materials market and warehouse space for steel traders. Now, with China’s building boom waning and steel prices depressed, many units are empty. Those that are still occupied are used mainly by small-scale merchants on Taobao, Alibaba’s online marketplace.

盛利拜访的市场曾是建筑材料市场和钢材贸易商的仓库所在地。现在,随着中国建筑热潮降温和钢价下跌,许多房间闲置,仍开门营业的那些主要是淘宝(Taobao,阿里巴巴(Alibaba)旗下的在线市场)上的小商家在使用。广州资产翻译公司。

 

While Chinese bad debt investors agree that a big wave of distressed assets is headed to market, there is significant disagreement over the profit opportunity.

尽管中国坏账投资者都认为市场上即将出现大批不良资产,但对于其中的盈利机会,各方却分歧严重。

 

I’m basically not doing any new investment because I’m not optimistic about where things are headed,” says Li Guoqiang, founding partner of Qingdao Zhengqi Investments. “Within three years, I won’t have any distressed asset investment outstanding. I’ll be purely a service provider.”

青岛正奇投资公司(Qingdao Zhengqi Investments)创始合伙人李国强表示:“我现在基本上不做任何新的投资,因为我对形势并不看好。不出3年,我手头就不会有任何未清的不良资产投资了。我将做一个纯粹的服务提供商。”

 

Profiting from the new wave of Chinese bad debt will be more difficult than during the first wave, which consisted of roughly Rmb3.5tn in problem loans that the AMCs cleansed from the balance sheets of the Big Four state-owned banks in advance of their initial public offerings between 1999 and 2008. 

从新一波的坏账潮中盈利将比从第一波坏账潮中盈利更加困难。从1999年到2008年,资产管理公司在4大国有银行上市前从它们的资产负债表剥离出3.5万亿元人民币不良贷款——那是第一波坏账潮。广州资产翻译公司。

 

As instruments of a policy bailout, the AMCs were not subject to strict profitability targets, focusing instead on disposing of loans as quickly as possible. With Chinese financial institutions then only a fraction of their current size, cash-rich foreign investors such as Goldman Sachs and Morgan Stanley were able to buy assets on the cheap.

作为政策性纾困工具,资产管理公司没有严格的盈利目标,而是致力于尽快处置这些不良贷款。由于当时中国金融机构的规模远没有如今这么大,高盛(Goldman Sachs)和摩根士丹利(Morgan Stanley)等资金充裕的外国投资者能够廉价购入一些不良资产。

 

Selecting assets also required little skill. Rapid economic growth in the 2000s resulted in a rising property tide that lifted all boats. The AMCs not only accumulated land and buildings in prime locations but also swapped debt for equity in profitable state-owned enterprise.

挑选不良资产也不需要什么技巧。2000年代经济快速增长导致的房地产热潮,让所有资产价格水涨船高。几大资产管理公司不仅积累了黄金地段的土地和建筑物,还将债权转化为盈利国企的股权。

 

Back then, making money was easy. You really didn’t have to do anything — just buy the assets and sit on them,” says Mr Li. “Property and land prices were rising. And most of the NPLs were from SOEs. The land was all in the city centre."

李国强表示:“当时赚钱很容易。你真的不需做什么——只用买下那些资产然后放着。房价和地价不断上涨。大多数不良贷款来自国有企业。土地也全都位于市中心。” 广州资产翻译公司。

 

Today the outlook is cloudier. Mr Sheng and Mr Li, both lawyers by training, buy assets from banks, AMCs, or at court-ordered auctions. Facing pressure from shareholders and regulators to keep NPLs low, banks are eager to sell them off but are also driving harder bargains on price. With basic returns now greatly reduced, Mr Li adds leverage to his investments to boost profits.

现在的前景则较为暗淡。盛利和李国强都是科班出身的律师,他们从银行、资产管理公司或通过法院拍卖购买资产。由于面临股东和监管机构施加的、降低不良贷款率的压力,银行迫切希望出售这些不良资产,但同时也在更努力地争取更有利的价格。随着基本回报率大幅下降,李国强加大了自己投资的杠杆,以提升利润。

 

Distressed debt investors have also turned to internet finance. Gu Suying is chief executive of TZW.com, a crowdfunding platform for investment in distressed commercial real estate around Shanghai. Mr Gu buys office space with his own money, then sells it to groups of investors via the website. After the sale he manages the assets, distributing rental income to investors and collecting a management fee for his trouble.

不良资产投资者还转向了互联网金融。顾苏银是投资于上海周边不良商业地产的众筹平台“投资网”(TZW.com)的首席执行官。投资网用自己的钱购买商业地产,然后在网站上将地产收益权出售给投资者,售出后投资网会管理这些资产,将租金收益支付给投资者,并收取服务管理费。广州资产翻译公司。

 

A typical investor spends about Rmb20,000 for a stake equivalent to two square metres of office space. But Mr Gu says that acclimatising retail investors to the uncertainties of distressed debt is a challenge.

一个典型的投资者会花大约2万元人民币购买相当于2平方米商业地产的收益权。但顾苏银表示,让散户投资者习惯不良资产的不确定性是一个挑战。

 

Chinese investors are used to fixed returns and guaranteed repayment,” he says. “This is very different. There’s not even a fixed maturity. It’s hard for people to accept.”

他说:“中国投资者习惯了固定回报和有保障的偿付。不良资产投资截然不同。它甚至没有固定的到期日。人们接受起来比较难。”

 

Back at the rundown construction materials market, Mr Li goes about his work much like a journalist. He chats to a passer-by carrying a stack of baseball caps and asks about selling prices in the area. For low-end commercial property, transaction volumes are too low to produce reliable price data.

再来说说那个破败的建筑材料市场,盛利在那儿就像一名记者一样开展着自己的工作。他与拿着一摞棒球帽的路人交谈,询问那片区域的卖价。低端商业地产的交易量太低,无法产生可靠的价格数据。广州资产翻译公司。

 

He also needs to assess how difficult it will be to remove existing occupants. Courts are often unwilling to enforce judgments against “weak cohorts”.

他还需要评估让现有住户搬离的困难程度。法院往往不愿执行不利于“弱势群体”的判决。

 

A colleague of mine bought a flat in Beijing from a court auction five years ago and still hasn’t been able to take possession. Every time he shows up the old couple that lives there just locks the door,” says Mr Sheng.

盛利表示:“我的一个同事5年前在北京的一个法院拍卖中买了一套公寓,但到今天都没有拿到手。每次他出现,那对住在公寓里的老夫妇就锁上门。”

 

Additional reporting by Ma Nan

Ma Nan补充报道

 

广州资产翻译公司

 

本文由:译联广州翻译公司免费发布:供学习参考,禁止商用与转载。