LONDON Jan 9 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
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.