Last day of the Daimaru Department Store’s operations, after 38 years in Hong Kong on 31 December 1998. Photo: SCMP

China’s state-backed private equity starts a fund to buy out distressed debt, take advantage of nation’s deleveraging campaign

  • Citic Capital, the PE arm of the Citic Group, is raising US$500 million in its first buyout fund for distressed assets in China, making a bet on opportunities available in the country’s campaign to shed debt
Topic |   Property investment

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Last day of the Daimaru Department Store’s operations, after 38 years in Hong Kong on 31 December 1998. Photo: SCMP
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Zheng Yangpeng

Zheng Yangpeng

Zheng Yangpeng is a business reporter at the Post, covering China property, banking and finance. He previously worked for China Daily, joining the Post in 2016. He holds a Bachelor's Degree in Journalism and Communication from Peking University, and a Master's Degree in Global Business Journalism from Tsinghua University.