Q&A: Where Adamas sees value in China's NPL market

And why it thinks investing in a Chinese NPL portfolio is like buying a deep out-of-the-money call option and why distressed funds could become tomorrow's property developers.

Barry Lau, chief investment officer of Adamas Asset Management, talks about the opportunities he sees in China’s distressed debt market and why distressed credit specialists will be in the box seat when it comes to driving the consolidation of China’s property market.

The former proprietary collateralised loan trader at BNP Paribas made his name by betting on a turnaround in Kaisa Properties’ defaulted US dollar bonds. The success of this call raised Adamas's profile and helped it to attract Ping An Group, with which it formed a joint venture targeting credit opportunities across growth, distressed and special situations credit investments in China. 

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