Fortress buys into Chinese bad debts - FT
LONDON Jan 9 (Reuters) - Fortress Investment Group is buying a servicer of bad debts and assets in China as it bets on a expected surge of non-performing loans in the country, the Financial Times reported on Wednesday.
The newspaper, citing people familiar with the deal, said the deal to buy Guangzhou-based Fan Ya Tai was small but would help Fortress gain insight into corporate China and the property market.
Fan Ya Tai was set up to help creditors maximise recoveries from loans to companies and property owners. Its clients include Chinese and foreign lenders such as Bank of America Merrill Lynch, the newspaper said.
Fortress declined to comment.
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