China rate cut bad for distressed debt?

China’s recent rate cut is a boost for mainland property developers, but it could mean fewer opportunities for distressed debt investors in the country, said industry observers. The People’s Bank of China cut its one-year lending rate to 5.6% from 6.0% on November 21, meaning mainland developers are less likely to be forced to sell commercial property assets, said Frank Chen, property services firm CBRE’s head of China research. The central bank move had come after year-on-year …