An investor that profited from the aftermath of China’s first dollar bond default by a developer nearly a decade ago is turning its back on the nation’s distressed property debt, after losing more than its peers in the past two years.
Value Partners Group Ltd., which played a key role in Kaisa Group Holdings Ltd.’s debt overhaul after its bond blowup in 2015, has “little appetite” to repeat the same strategy of buying distressed credit to seek returns via restructuring amid the sector’s current downturn, Gordon Ip, the firm’s co-chief investment officer of fixed income, said in a recent interview.
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