专访仲量联行熊建平：不良资产基金蓄势待发 下一个投资风口

Core Viewpoint - The report by JLL highlights that China's non-performing assets (NPAs) are at a pivotal point for value reconstruction, indicating significant investment potential in this sector [1] Industry Overview - The National Financial Regulatory Administration estimates that banks will dispose of over 3 trillion yuan in non-performing assets in 2024 [1] - According to the 2025 China Financial Non-Performing Asset Market Survey Report by Dongfang Asset, the NPA market is expected to show a trend of "stable growth in total volume and continuous structural adjustment" [1] - National financial asset management companies are expected to lead local debt disposal under supportive debt reduction policies, with a projected 30% increase in the volume of NPAs they handle by 2025 [1] Investment Opportunities - The NPA sector is not merely "negative assets" but may represent undervalued value carriers, suggesting a need to broaden the definition of NPAs and focus on "non-negative assets" [1] - The restructuring of debts and the separation of debt and equity from underlying assets can reveal valuable components within NPAs, making them worthy of investment [2] - Innovative approaches such as NPA funds and asset securitization are gaining traction, presenting new opportunities for investment compared to traditional methods like debt-to-equity swaps and principal and interest recovery [2][3] Market Dynamics - The NPA industry exhibits a notable characteristic of "counter-cyclical acquisition and pro-cyclical sale," where the best time to acquire is during market downturns when asset prices are undervalued, and the optimal time to sell is during economic recovery when asset prices rise [3][4] - Emerging investment groups, such as family offices, are increasingly entering the NPA investment space, indicating a growing interest in this sector [4] Future Directions - JLL plans to further explore the classification and valuation strategies of NPAs, as well as disposal strategies, in collaboration with market participants to uncover the potential value of NPAs [4]