Executive Roundtable with Benjamin Fanger and Howard ChaoVIEW EVENT DETAILS
(President's Circle Event)
Join Asia Society Northern California for an off-the-record discussion with Benjamin Fanger and Howard Chao of ShoreVest, who will be discussing recent trade policy trends affecting the China debt crisis.
China’s banking system has the largest inventory of non-performing loans in the world, and in world history. Most of this mountain of NPLs resulted from China’s vast stimulus program to counter the effect of the global financial crisis on China in 2009 thru 2014. The bad loans resulting from the flood of loans made during this period are still working their way through the system. While Chinese official statistics peg the amount of Chinese NPLs at $290 billion as of the end of 2018, outside observers believe the problem to be much larger, with Fitch Ratings estimating the real figure to be as high as $3 trillion. The exact amount is not important; the point is that the total is enormous, and if China does not diligently address this issue, it could hurt the stability of China’s financial system and China’s growth prospects. The Chinese government is acutely aware of the issue has taken rigorous measure to incentivize the banks to write off and sell NPLs, and promote purchases of NPLs by investors, including foreign investors. This is a subject of global significance given the importance of China’s economy as a driver of the world economy.
11:00 - 11:30 AM Registration
11:30 AM - 1:00 PM Event and Q&A Discussion
About Benjamin Fanger
Benjamin Fanger is one of the pioneer investors in China’s non-performing loan market. He closed his first Chinese NPL deals in 2005 while still an MBA-JD student at the University of Chicago, and upon graduating decided to devote himself full time to the specialty. He founded the first long-standing specialized Chinese NPL fund group. Since then Ben have managed over [$1.6] billion of investments into Chinese NPLs over 3 fund cycles. Ben’s firm, ShoreVest Partners, specializes in investing in Chinese distressed debt and structured credit.
About Howard Chao
Howard Chao is a senior advising partner of ShoreVest Partners. He is a corporate lawyer by background and practiced with the international law firm, O’Melveny & Myers, for 33 years, for many years as the head of the firm’s Asia practice. In 2001 he was the lead lawyer representing Morgan Stanley on the first successful large scale purchase by a foreign investor syndicate of an NPL portfolio in China. Ben Fanger worked with Howard on that deal as a young associate, which is where Ben got his start in Chinese NPL deals.
Address will be confirmed upon RSVP confirmation