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Distress funds eye more direct loans to Chinese companies

Investors spot opening as yields rise and businesses try to recover from virus

A pedestrian in the Lujiazui financial district in Shanghai in March. Firms usually known as distressed debt investors are now stepping up lending in China.   © Reuters

HONG KONG -- When Heneng Group, a Chinese property developer, needed a $46 million loan to develop some residential land recently it did not turn to a bank -- but to a fund manager.

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