Share this on Twitter Share this on Facebook Share this on LinkedIn Share this on Sina Weibo Share this on Wechat Share this on LinkedIn 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 tSubscribe or login to read the rest. Subscribers get full access to: Exclusive longform investigative journalism, Q&As, news and analysis, and data on Chinese business elites and corporations. We publish China scoops you won't find anywhere else. A weekly curated reading list on China from David Barboza, Pulitzer Prize-winning former Shanghai correspondent for The New York Times. A daily roundup of China finance, business and economics headlines. We offer discounts for groups, institutions and students. Go to our Subscriptions page for details.