Two in distress makes sorrow less.
同病相怜
I pray that you will have pity on my distress.
我请求你可怜可怜我的不幸遭遇。
The mother was
distressed by her baby's illness.
母亲为她孩子的病感到苦恼。
The State-owned distressed asset management company will work closely with Guizhou province, providing special focuses on financial services for the real economy, forestalling and defusing risks, facilitating State-owned enterprise reform and helping the property sector overcome difficulties, the company said in a WeChat post on Saturday.
该公司周六在微信中表示，这家国有不良资产管理公司将与贵州省密切合作，特别关注为实体经济提供金融服务，防范和化解风险，促进国有企业改革，帮助房地产行业克服困难。
"While we are bailing out companies in temporary distress as a result of the pandemic, we are also conducting dynamic risk monitoring and stress tests.
“在我们救助因疫情而暂时陷入困境的公司的同时，我们也在进行动态风险监测和压力测试。
In addition, the company initiated the establishment of a 10 billion yuan fund which invests in distressed companies.
此外，该公司还发起设立了一只100亿元的基金，投资于陷入困境的公司。
As of the end of 2021, 7.7 billion yuan of the fund had been invested in distressed companies in the machinery, iron and steel, pharmaceutical, chemical, and coal industries, Zhang said.
张表示，截至2021年底，该基金已向机械、钢铁、制药、化工和煤炭行业的陷入困境的公司投资77亿元。
We will form strong complementarity and synergy with various segments and institutions of CITIC Group by giving full play to our advantages in distressed assets disposal, troubled company bailouts and risk defusion.
我们将充分发挥我们在不良资产处置、困境公司救助和风险化解方面的优势，与中信集团各板块、各机构形成强大的互补和协同作用。
The company transferred its equity of 79.6 percent holding in Huarong Zhongguancun Distressed Asset Exchange Center Co Ltd to Banking Credit Asset Registration and Circulation Center Co Ltd last year.
该公司去年将其持有的华融中关村不良资产交易中心有限公司79.6%的股权转让给银信资产登记流通中心有限公司。
In addition to stepping up efforts to dispose of nonperforming financial assets, we will also pay close attention to new growth points of business, including distressed assets revitalization in real estate companies, the restructuring of troubled companies, optimization of energy and resources companies, and risk mitigation in small and medium-sized financial institutions," said Liang.
除了加大处置不良金融资产的力度，我们还将密切关注业务的新增长点，包括房地产公司的不良资产盘活、陷入困境的公司重组、能源资源公司的优化以及中小金融机构的风险缓释。”梁说。
Among the total, distressed debt assets fell by 17.2 percent to 292.35 billion yuan.
其中，不良债权资产减少17.2%，至2923.5亿元。
Trading in the shares of Hong Kong-listed China Huarong Asset Management Co, a manager of distressed assets, resumed on Wednesday after a nine-month suspension due to delay in publishing its earnings report, which was followed by a State-backed bailout.
在香港上市的中国华融资产管理公司（China Huarong Asset Management Co）的股票周三恢复交易，该公司是不良资产的管理公司，因推迟发布盈利报告而停牌九个月，随后又推出了国家支持的救助计划。
- China's fifth national asset-management company opened for business on Jan 9 and joined its four predecessors established in 1999 to handle distressed assets, Shanghai Securities News reported.
"Similar to what we saw in the past, internet companies (like online games) traded at distressed valuations and underwent privatizations between 2014 and 2015.
Severe patients would appear as having acute respiratory distress syndrome," said Li Xin, director of the respiration department with China Resource & WISCO General Hospital.
While Li was distressed about not having a decent photo for her resume since she was hunting for a job, a friend suggested her going to Elefoto, a young photography studio, which in hindsight turned out to be a lifesaver for her.
Bonds trading below 70 cents on the dollar are generally considered "distressed".
Of the 252 US counties and parishes in the Delta Region, 234 are "economically distressed," according to the Delta Regional Authority.
In the latest symptom of their distress, China Railway Rolling Stock Corp, contending for a contract from the Washington, D. C. Metro, is labeled a potential source of "cyber security risks".
We are sorry for any distress caused by these unauthorized posts.
As the existing debt solutions involve the assignment of debt and asset disposal, Leshi has not yet received any cash paybacks, meaning the current plan cannot provide cash support to directly relieve Leshi from the financial distress caused by a lack of funds.
Total income of the group increased by 34.5 percent from 2016 to 128.07 billion yuan last year, and the total income from the distressed asset management segment contributed 68.9 billion yuan, or 53.8 percent, of the total income of the group.
James Dubow may have an ace up his sleeve when he's summoned by businesses in distress.
The managing director and head of global consultancy Alvarez & Marsal (A&M) Asia has been on the job for more than two decades, injecting life into enterprises on the brink of going to the wall and helping them to achieve growth in both distressed and high-growth situations.
Chinese private enterprises have sought to buy distressed overseas businesses, perhaps with an overly rosy view of their ability to turn the business around or to create synergies with their existing China business, according to McKinsey&Company, a global management consulting firm.
Chinese e-commerce giant expands presence in bad loan asset auctionsChinese e-commerce giant Alibaba Group Holding Ltd has joined hands with China Great Wall Asset Management Co Ltd, one of the country's four largest State-owned distressed asset managers, to expand its presence in non-performing asset auctions.
The partnership comes as China's economic conditions weighed on borrowers' ability to pay back debt and heightens concerns on distressed debts, especially in the banking sector.
Car-hailing platform Yidao Yongche is rumored to have fallen into financial distress.
[Photo/People's Daily Online]Car-hailing platform Yidao Yongche is rumored to have fallen into financial distress after its founder and former CEO claimed that 1.3 billionxa0yuan ($189 million)xa0was appropriated from the company by its top stakeholder, LeEco.
The foundation for recovery is not solid yet despite signs of a stabilizing economy, analysts said, adding that the country is still grappling with economic challenges including distress in the property sector, slowing external demand and souring private investment.
"With investor sentiment projected to deteriorate and worsening risks of debt distress in developing economies, lower overall global growth can be expected compared to previous projections," Beirne said.
- China delivered subsidies worth 6.5 billion yuan ($960.4 million) in 2022 to people in distress to help cushion the impact of price increases, the country's top economic planner said on Thursday.
The US Federal Reserve has raised interest rates by 375 basis points so far this year, which pushed up the dollar index to a 20-year high, and caused financial vulnerability, especially debt distress in poor countries.
Now one-third of emerging economies and 60 percent of low-income countries are in, or at high risk of, debt distress, and there will be a coming wave of sovereign defaults by developing countries.
The IMF also said China, together with other countries, can play a leading role in multilateral efforts to address global challenges amid the increasing threat of geo-economic fragmentation and rising levels of debt distress among several low-income countries and some emerging markets.
"Asia is now the largest debtor in the world, and several countries are at high risk of debt distress," said Srinivasan, pointing out that Asia's share of global debt has increased from 25 percent before the COVID-19 pandemic to 38 percent now.
The two shocks could intensify headwinds in terms of inflation, output, debt distress and even climate change, said Pierre-Olivier Gourinchas, IMF's economic counselor and director of the research department.
In particular, she called on major creditors to enter into debt restructuring with those nations that are battling both inflation and debt distress.
He noted that between 2013 and 2019 the share of economies which, according to the World Bank's assessment, faced a high risk of debt distress increased from 24 percent to 51 percent.
The foundation of the recovery, however, is not yet solid with lingering distress facing some businesses, thus the "no sharp turn" macroeconomic policy stance will remain intact, they said.
"We will further intensify the policy strength of helping businesses out of distress," Liu said, and reiterated the policy stance of "no sharp turn".
Policymakers should not rush into backpedaling on support for small enterprises and distressed businesses and should take measures to ease the cost pressure facing market entities by helping expand supply, Xu said.
Nation likely to be only major economy to have achieved positive results in 2020China's economic growth is expected to equal pre-COVID-19 levels in the last quarter of 2020, and Beijing will ramp up efforts to help businesses still in distress and promote a more balanced recovery, experts said on Friday.
The World Bank estimates that 60 percent of low-income countries are heavily indebted and at high risk of debt distress.
The Chinese government has attached great importance to dealing with debt distress, by supporting capacity development to improve debt analysis and risk management, and by participating in multilateral roundtables for debt restructuring in debt-distressed countries.
China's four major State-owned asset management companies joined other financial institutions in an effort to explore different methods to defuse risks in the real estate sector and devise tailored solutions for alleviating difficulties among distressed property developers.
Yan Yuejin, research director at Shanghai-based E-house China Research and Development Institute, said the 16 measures recently announced by the central bank and the CBIRC to ensure steady development of the property sector have raised the market status of AMCs in dealing with distressed housing projects.
In March, China Orient and China Great Wall Asset Management Co issued 10 billion yuan in financial bonds each to help distressed property developers endure trying times.
Despite the financial distress facing Chinese property development giant Evergrande, the country's property market is expected to maintain steady development, the National Bureau of Statistics said on Wednesday.
To help ease the burden of companies in distress, local governments have introduced a series of supportive policies such as reducing tax, cutting electricity prices and lowering lending rates.
Wang Qing, chief macroeconomic analyst at Golden Credit Rating, said the PBOC will likely ramp up support for the property sector by boosting the quota of the targeted funding tools for the completion of presold housing projects and the relief of distressed real estate enterprises, as well as potentially introducing new policy instruments.
"If the property sector's distress continues, risks could increase, potentially affecting more entities in the financial sector, said Fitch Ratings.
In April, the government of Southwest China's Guizhou province signed a cooperation agreement with State-owned China Cinda Asset Management Co Ltd, which manages distressed assets, seen as an effort to resolve local government debt risks in a market-oriented manner.
Last week, Guizhou signed a cooperation agreement with State-owned China Cinda Asset Management Co, which manages distressed assets.
The IMF official considers it a priority to reduce debt vulnerabilities and rebuild fiscal buffers over time, noting that about 60 percent of low-income countries are in debt distress or at high risk of debt distress, compared with roughly 25 percent a decade ago.
Sticking to its traditional market of banks' distressed assets, China Cinda Asset Management Co effectively helped financial institutions mitigate existing credit risks and maintain healthy operation, the company said on Tuesday.
The State-owned distressed asset management company actively participated in the reform and risk mitigation of small and medium-sized financial institutions, acquiring their distressed debt assets of 53.4 billion yuan ($7.75 billion) last year, up 45 percent from 2021, said China Cinda in an announcement of its 2022 annual results on Tuesday.
In the business segment of distressed asset management, its assets were 991.89 billion yuan, accounting for 61.4 percent of the group's total assets.
Credit Suisse's one-year credit default swaps — the derivative showing the cost of insuring its bonds against default — surged to 1,000 basis points on Wednesday, similar to levels seen during the 2008 financial crisis and an indication that the bank is in deep financial distress.
Central government bodies including the PBOC, the China Banking and Insurance Regulatory Commission and the Ministry of Housing and Urban-Rural Development have rolled out a number of financial policies to support financially distressed real estate companies.
you name it — all the hitherto buoyant sectors that had enjoyed gains in the previous months took a severe beating, leaving investors dismayed and distressed.
All of these banks have submitted their suggestions for recovery and resolution plans to prepare for possible financial difficulties and restore their viability in a timely manner during periods of financial distress, in addition to making plans for tackling major risks.
It is also necessary for local governments to give stronger support to small and medium-sized banks in terms of tax relief and debt restructuring, in order to help them clear up and dispose of distressed assets," Dong said.
David Yin, senior credit officer at Moody's Investors Service, said defaulted mortgage loans related to projects of distressed developers account for only a small proportion of banks' total mortgage loan book.
In addition, China should improve the financial regulatory system of local governments, pushing local governments to play a major role in territorial risk disposal," said Dong Ximiao, chief researcher at Merchants Union Consumer Finance Co Ltd. Hong Kong-listed China Huarong Asset Management Co, a manager of distressed assets, completed the issuance of nearly 39.22 billion domestic shares on Dec 30 to CITIC Group, China Insurance Rongxin Fund, China Cinda and ICBC Investment, coupled with 1.96 billion H shares to China Life, raising a total of 42 billion yuan.
That is because they are so large in assets, complex or interconnected that their distress or failure would cause serious harm to the financial system and the economy.
Commonly known as "living wills", resolution plans are detailed strategies for orderly resolution of material financial distress or failure of institutions.
"Hot IPO markets and high asset prices will also drive M&As, and we expect to see more M&A activity around corporate financial distress and debt restructuring even as the economy rebounds.
The country's target to "win the tough battle to end poverty" in time, however, is achievable, especially as policymakers have noted that the key is to close the gaps in China's social protection coverage, in order to help protect workers and households from the distress caused by job and income losses, and also to boost private consumption.
"Part of this reasoning lies in the fact that excessive stimulus costs are often blamed for the debt pileup, rising leverage levels, and possible asset price bubble-bursts, all of which could possibly lead to financial turmoil and a distressed economic outlook in the long term.
""But of course, some countries are going to be hit especially hard, and some of the weaker banks might need to be resolved," he said, "furthermore, in some countries, there could even be system-wide distress.
Ever since the distressed Baoshang Bank was taken over by the commission and the People's Bank of China on May 24 last year, it has completed the acquisition and transfer of large-denomination creditor's rights, as well as asset and capital verification.
"A prolonged period of dislocation in financial markets could trigger distress among financial institutions, which, in turn, could lead to a credit crunch for nonfinancial borrowers, further exacerbating the economic downturn," the report warned.
China Galaxy Asset Management will become the fifth authorized national State-owned asset management company after the country set up four national AMCs to deal with distressed assets of large State-owned banks in 1999.
Chinese regulator has greenlighted a new national asset management company (AMC), the first approval since 1999 when the country set up four AMCs to deal with distressed assets of State-owned banks.
A recent research report from Moody's said that in China, the contraction in the interconnectedness between non-banking financial institutions and commercial banks, mainly small-and mid-sized banks, continues to decline, as the regulations are tightening and shadow banking activities are contracting following distress in some regional banks.
"Credit pressure will vary, with small banks, distressed asset management companies and leasing companies being more vulnerable due to their greater reliance on wholesale funding," Moody's said.
The country will also grant US companies greater market access in the areas of credit rating services, electronic payments and management of debt distress.
Li Longhai, an analyst at Dongguan Securities Co Ltd, said that the measures will help banks offload distressed debt from their balance sheets and will help ease the pressure from the rising nonperforming loans.
The Hong Kong-listed bank announced on Sunday that certain shareholders of the bank transferred part of its domestic shares held by them to ICBC Financial Asset Investment Co Ltd, Cinda Investment Co Ltd and China Great Wall Asset Management Co Ltd. As of Sunday, the domestic shares of the bank being transferred to ICBC Investment, a wholly owned subsidiary of Industrial and Commercial Bank of China Ltd - the country's largest commercial lender, and Cinda Investment, a subsidiary of China Cinda Asset Management Co Ltd - one of the country's four largest State-owned distressed asset managers, shall represent 10.82 percent and 6.49 percent of the total issued ordinary shares of the bank, respectively, said the announcement.
The reorganization of Bank of Jinzhou is another landmark event in the process of supply-side structural reform in the financial sector following the takeover of the distressed Baoshang Bank Co Ltd by the Chinese authorities, said Li Shanshan, Xing Yanran and Lu Yilin, analysts at BOCI Research Ltd, in a report on Monday.
China Great Wall Asset Management Corporation (Great Wall), one of the country's biggest distressed debt managers, mulls allocating 108 billion yuan ($16.03 billion) to buy non-performing assets.
Financially distressed shareholders are likely to extract cash from companies in order to secure their own liquidity, further prompting a market downturn.
This will likely accelerate loan impairment recognition and help step up disposal of distressed debt, said academics and agencies.
China's latest move to lower the regulatory requirement on the ratio of allowance for loan impairment losses to nonperforming loans will encourage commercial banks to classify bad loans more accurately and to step up the disposal of distressed debt, researchers said.
For example, he said, some banks hid the real figure of their distressed assets by measures of cheating.
China Huarong Asset Management Co Ltd, one of China's largest State-owned asset managers, has set up an online platform for bad debt transactions, as part of its efforts to broaden channels for disposal of distressed debt and increase efficiency of transactions.
The new entity, Huarong Zhongguancun Distressed Asset Exchange Co, is the first institution in China that is dedicated to the trading of bad debt and will have a registered capital of 500 million yuan ($80 million).
By introducing online transactions for disposal of distressed assets, the company will be able to promote information sharing on bad debt transactions and make the process more standardized, Huarong said in a statement.
"We will promote information sharing among our own subsidiaries and branches in different regions, and we hope that other State-owned asset management companies and provincial AMCs will also post information about distressed asset transactions on this platform," Xu said.
It also signed agreements on strategic cooperation with multiple partners, including China CITIC Bank Corp Ltd and Beijing Guotong Asset Management Co Ltd. Over the last few years, asset management companies and commercial banks in China have explored various channels and measures to deal with distressed assets.
The new guideline specifies details that aim to better ensure the program will operate under market-based principles and to successfully offload distressed debt.
China Great Wall Asset Management Corporation, one of the country's biggest distressed debt managers, said it is making a shortlist of strategic investors in preparation for an initial public offering (IPO).
Meanwhile, assistance should be given to distressed migrant workers to help them overcome temporary living difficulties.
Existing regulations ban financial institutions from selling their retail NPLs to distressed asset management companies, but there are no such restrictions on securitizing these NPLs, according to Moody's.
Commercial banks stepped up NPL disposal by taking part in debt-to-equity swaps and establishing distressed asset management companies.