A tightening of credit and a crackdown on bad debt at banks in China has led to a flood of non-performing loans hitting the market at increasingly low prices.
The supply of bad debt in China, estimated at $3tn last year, is expected to grow significantly in 2018, as regulators force banks to deal with bad assets after years of unbridled lending
Insiders struggle to quantify the volume of increase in loans on offer for this opaque market. However, James Feng, founding partner at Beijing-based Poseidon Capital Group, suggested the increased supply has meant debt that would have sold for 60-70 cents on the dollar at the end of last year might now sell for 40-50 cents.
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