英语翻译ASSESSMENT OF THE ASIAN NPL MARKET AND ITS OPPORTUNITY The best way to grasp the scope of the Asian NPL market is to break it down by country or region,as each of them is in a different stage of its restructuring process.Economic developm

英语翻译ASSESSMENT OF THE ASIAN NPL MARKET AND ITS OPPORTUNITY The best way to grasp the scope of the Asian NPL market is to break it down by country or region,as each of them is in a different stage of its restructuring process.Economic developm
英语翻译
ASSESSMENT OF THE ASIAN NPL MARKET AND ITS OPPORTUNITY
The best way to grasp the scope of the Asian NPL market is to break it down by country or region,as each of them is in a different stage of its restructuring process.Economic development,political systems,cultural and social norms,and other factors play a major role in shaping the components of the restructuring effort in each individual country,as well as the balance of power among the parties involved at all levels.
Japan
Japan has been one of the region's sickest patients.The prolonged economic recession in that country put a lot of strain on the corporate sector.Due to its complex inter-company ownership and financial structures,lending standards have often been less than prudent.Its well-developed legal system,however,is relatively effective at facilitating collateral repossession as well as the repayment work-out process.Like most reforms in Japan,the balance sheet clean-up was initially delayed by a number of years.Foreign investors stood ready to participate in NPL purchases as early as 1993,whereas the Japanese government did not start putting pressure on the banks to dispose of bad assets until 1997.At that point,the problem escalated to a level where the banks had to sell the loans or go bankrupt.They chose to sell,and foreign investors bought with tremendous ferocity.
In the following years,particularly in 1998 and 1999,the banks embarked on a balance sheet clean-up of unprecedented magnitude,selling an estimated $600 billion worth of paper.Patience finally paid off for foreign investors,primarily investment banks and private equity and hedge funds focusing on distressed securities,who were able to acquire assets at significant discounts to their face value.In one of the transactions,Goldman Sachs and Lone Star,a U.S.private equity fund,ended up becoming the biggest owners of golf properties in Japan.Deals completed during those years produced handsome returns for investors who had the patience and optimism to establish the infrastructure in Japan,and wait for several years for the government to pull the trigger on sales.
At present,an estimated $330 billion of non-performing assets remain in Japan (see Exhibit).However,as the country's economy is beginning to recover,local players have also shown interest in this space.Competition for deals has intensified,which only means one thing for returns--they have been falling.However,barriers to entry in this market are high--many auctions are invitation-only and it takes years of building relationships to get on the auction invitation list of Japanese financial institutions.Judging by the substantial remaining supply of loans and the still relatively limited competition,compared to the more developed markets,the opportunity cannot be over yet,and skillful investors who know how to shift strategy in the face of changing market winds can continue to deliver returns.

英语翻译ASSESSMENT OF THE ASIAN NPL MARKET AND ITS OPPORTUNITY The best way to grasp the scope of the Asian NPL market is to break it down by country or region,as each of them is in a different stage of its restructuring process.Economic developm
评亚洲不良贷款市场和机遇的最佳途径掌握范围的亚洲不良贷款 市场是它打破了由一个国家或地区, 由于每个人都处于不同阶段的转型过程. 经济发展,政治制度,文化和社会规范, 和其他因素发挥了重要作用,塑造组成的重组工作,在每个国家, 以及之间的权力均衡各方各级. 日本日本一直是这一地区的衰老病人. 长期的经济衰退,国家投入了不少的压力,企业部门. 由于其复杂的跨公司所有权和财务结构,贷款标准往往低于谨慎. 完备的法律制度,不过,是比较有效地促进侧支收楼以及还款工作的进程. 象大多数日本进行了不少改革,资产负债表清理起初推迟了若干年. 外国投资者随时准备参与不良资产的收购早在1993年, 而日本政府虽未开始施加压力,对银行处置不良资产,直到1997年. 在这一点上,这个问题提升到一个地步,银行不得不出售贷款或倾家荡产. 他们选择了出售,而外国投资者购买具有巨大凶猛. 在随后的几年,特别是1998年和1999年 银行开始了资产负债表的清理前所未有的,销售约600亿美元的文件. 耐心终于没有白费,为外国投资者 主要投资银行和私人股本基金和对冲基金集中苦恼证券 含饴弄孙收购资产大幅折扣,其面值. 在其中的交易中,高盛与孤星,美国私人股本基金 落得成为最大的业主高尔夫球性能在日本. 交易完成,在这些年里产生了可观的回报,为投资者者的耐心和乐观态度,以建立基础设施 在日本,等到几年后,政府拉动扳机销售. 目前,估计有330亿元的不良资产留在日本(见图) . 不过,因为该国的经济已开始复苏,本地球员也表示有兴趣在这个空间. 比赛进行交易加剧,而只意味着一件事的回报--他们已经在下降. 然而, 在进入这个市场是高--许多拍卖会的邀请,只不过,它需要多年的建设的关系,以获得 关于拍卖的邀请名单中的日本金融机构. 从目前掌握的大量供应,余下的贷款,仍相对有限的竞争, 相对于较发达市场的机会,是不可忽视的,但 娴熟的投资者懂得如何换档策略,在面对瞬息万变的市场风可以继续交付 回报.

亚洲人英国国家物理实验所市场及的评估它的机会
那最好方法到把握范围那亚洲人英国国家物理实验所市场是到休息它被国家 ??落或者区域, 当他们每一个之时是在一不同的阶段它更改结构程序。 经济的发展、政治系统，文化和社会的基准, 和其他的因素担任一个主要的角色在整形更改结构努力的成份在每个个体国家, 连同在宴会之中的势力均衡有关的全然水平。
日本
日本有是区域最不舒服病人之一。...

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亚洲人英国国家物理实验所市场及的评估它的机会
那最好方法到把握范围那亚洲人英国国家物理实验所市场是到休息它被国家 ??落或者区域, 当他们每一个之时是在一不同的阶段它更改结构程序。 经济的发展、政治系统，文化和社会的基准, 和其他的因素担任一个主要的角色在整形更改结构努力的成份在每个个体国家, 连同在宴会之中的势力均衡有关的全然水平。
日本
日本有是区域最不舒服病人之一。 那延长了经济的后退在国家放许多紧张在企业的部门上。 由于它的合成物在公司之间的所有权和财务的结构, 借贷标准已经时常一点也不审慎。 然而，它的很好发展合法的系统相对地对促进旁系亲属取回感到有效的和付还工作-外面的程序。 同类大部分改革在日本, 资产负债表扫除最初是延迟在一些年之前。 外国的投资者站立预备好的状态参与英国国家物理实验所购买当做早的当做 1993, 然而那日本人政府做不开始压迫那银行解决坏资产直到 1997. 那时, 问题扩大对一个水平哪里那银行必须卖那贷款或者去破产者。 他们选择卖，而且外国的投资者以巨大的狞猛性买。
在未来这年内，特别地在 1998 和 1999 年，银行开始着手一个空前大小的资产负债表扫除了, 销售一估计价值 $ 六千亿的纸。 耐性最后支付走开为外国的投资者, 主要地投资银行和私人的公正和避险基金聚焦在使苦恼之上安全, 能够获得资产在重要的优惠对他们的表面价值。 在交易之一、高曼萨克斯和孤单的星, 美国私人的公正基金, 结束在合式的上面日本的高尔夫球特性的最大拥有者。 交易完成在那些年期间生产英俊的回返为投资者有耐性和乐观主义在日本建立系统内各部分, 而且为政府等候好几年拉那板机在拍卖中。
目前，非表演的资产被估计的 $ 三千三百亿留在日本。 (见到展览品) 然而, 当做国家的经济是开始复原, 地方运动员已经也显示兴趣在这空间。 竞争为交易有增强, 哪一个只有方法一事物为回返--他们有是落下。 然而, 对进入的障碍在这市场是高-多数拍卖是邀请-只有和它拿年建筑物关系上拍卖邀请目录日本人财务的机构。藉着可观人保持判断补给贷款和仍然相对地有限的竞争, 与那相较更多发展市场, 机会仍然不能够结束, 和知道的熟练的投资者如何到变化策略面对变更市场风能继续递送回返.

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