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China bad-debt managers offset property slump with accounting gains, Michael Pettis underscores

China bad-debt managers offset property slump with accounting gains, Michael Pettis underscores
China managers lean on accounting gains

Michael Pettis, industry influencer, reports that China’s major bad-debt management firms are relying on accounting gains derived from stakes in state-backed banks.

This move is intended to balance the adverse effects of a prolonged property downturn and a wider economic slowdown, according to information from Caixin.

Pettis has previously reported that regulators launched a pilot program in seven cities to force out unprofitable zombie companies burdened by debt. The program targets firms that fail to generate sustainable returns. His recent observations follow earlier commentary on state-led efforts to address non-performing assets.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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