HONG KONG : China's crisis-hit property sector has driven underperformance this year in some Asia-focused credit funds, including one led by a former Lehman Brothers portfolio manager, pummelledling their returns and bringing years of gains to a juddering halt.
Its losses were partly a result of its exposure to Chinese property developers as sector-wide pain engulfed even companies with stronger credit profiles, according to the person. China's property sector, a key pillar of the world's second-largest economy, has lurched from one crisis to another and has been a major drag on economic growth over the past year. It has seen a string of defaults by debt-squeezed developers.
Kenny Chung, portfolio manager of Astera Capital Partners, which manages a Hong Kong based fixed-income hedge fund, said he hasn't seen"a more challenging investment environment for at least 10 years".
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