in recent weeks as the property developer toppled into default and prices hit record lows.
Fund managers are betting creditors will recover far more than the debt’s current prices suggest, despite the likelihood of a complex restructuring. The real-estate company has $20 billion of international bonds outstanding, making it one of the world’s largest distressed-debt investments at the same time low interest rates have investors looking for ways to boost returns.
Why would anyone make this investment?
‘“China is going to protect its interests first, and offshore investors are going to have to get in line,” said Gila Cohen, chief investment strategy officer of MUFG USIS, the investor-services arm of the Japanese investment bank.’
Ok
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: