Michel Lowy co-founded the Hong Kong-based firm SC Lowy in 2009, having spent the earlier part of his career at Deutsche Bank. He is the chief executive officer at a firm that invests in so-called ‘distressed debt’ — bonds issued by companies that have fallen into severe financial difficulty. The company also provides other forms of lending, known as "alternative credit," to mid-sized companies, primarily in Asia and Europe. In this lightly edited interview, we began by discussing the problems of China’s highly-indebted real estate developers: SC Lowy has been an investor in dollar-denominated bonds by such companies issued "offshore," i.e. in international markets.
Michael Lowy. Illustration by Kate Copeland
Q: Let's start with the troubles at Evergrande, China’s largest real estate developer. Did you anticipate the problems there that we've seen in the last few months, or was there an assumption in the market all along that the Chinese government would step in t
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