China Orient, KKR team up for distressed asset investments

Two units of China Orient Asset Management Corp, a leading State-owned bad-assets management firm, said on Friday that they had formed a strategic partnership with global investment firm KKR & Co to co-invest in credit and distressed asset opportunities in the Chinese market.

The two companies will look for growing opportunities in distressed debt, especially in the property sector.

Edward Han, managing director and head of special situations at China Orient Summit Capital, in which China Orient Asset Management (International) Holding Ltd holds a controlling stake, said in a statement: "The three companies offer an opportunity to build a scaled platform to provide flexible capital solutions, particularly in the real estate sector which is facing increased macro and funding challenges."