Distressed debt specialist Gramercy Funds scents an “opportunity for experienced credit investors” in the cash-strapped Chinese real estate sector and has been loading up on property company bonds.
Founder Robert Koenigsberger made a bundle off Russian debt in the late 1990s and has played big roles in restructuring Argentine government bonds.
Now the $5.5bn investment manager sees parallels in China, where the value of property company bonds has plummeted since the giant developer Evergrande began missing payments on its debt last year. From zero exposure to the sector before Evergrande, Gramercy has built up to $200mn in corporate bonds and expects to buy more.
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