One of Asia’s oldest hedge funds, LIM Advisors, is picking up the distressed bonds of Chinese developers as fallout from China Evergrande Group deepens.
George Long, the firm’s founder and chief investment officer, said LIM has been snapping up a "little bit” of such debt but is staying away from bonds of Evergrande because of its complex structure, with both offshore and onshore securities and risks that can’t be gleaned from the balance sheet.
"We’re looking very closely at buying some other distressed Chinese property companies,” he said, declining to give names. "It’s going be a great opportunity.”