Distressed exchange queried

Category: NPLs ABS

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China Huarong Asset Management, one of China's largest state-owned distressed debt managers, yesterday launched a Beijing-based bad debt exchange. The exchange is expected to provide an inventory of what's available in the Chinese non-performing loan market rather than a trading platform that can facilitate transactions.

"NPLs are illiquid, so to appropriately price them can take months of due diligence and underwriting.

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