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.¡±
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