<p>[香港] 一家总部位于香港的私人信贷基金计划将其在该市的困境投资贷款翻倍，加入到越来越多的资金管理者中，他们正在为经历数十年来最严重的房地产低迷后的进一步复苏做好准备。</p>
<p>蓝山桥资本机会基金预计到 2026 年底将其投资资本从 7500 万美元增加到 1.5 亿美元，一位熟悉此事的消息人士表示，要求匿名以讨论私人事务。该基金由曾担任 Oaktree Capital Management 亚洲困境债务业务共同负责人的 Raymond Chan 管理。</p>
<p>这将是对该市信心的最新迹象，此前有消息称，黑石集团正在与香港主要开发商新世界发展进行深入谈判，成为其单一最大股东，该公司去年从违约边缘反弹。香港房地产的其他乐观迹象也在出现。摩根大通的一位分析师上个月预测，开发商的利润可能已经触底。香港的房价在 2025 年上涨了 3.25%，这是四年来的首次年度增长。</p>
<p>与此同时，商业房地产行业仍然面临压力，为愿意承担更多风险的贷款人提供了机会。投资者继续集中在中环和铜锣湾等核心地区的高质量资产上，而其他地区的办公楼则面临持续的租赁挑战。</p>
<p>“香港房地产正在触底，但仍然有相当多的困境和特殊情况的机会，” Chan 说。“我正在考虑对土地价值以下的建筑进行贷款。”</p>
<p>他的基金专注于亚洲的特殊情况优先担保贷款交易，主要集中在香港。这类贷款投资包括一项以豪华住宅物业为担保的贷款，以及另一项以新改建的商业物业为担保的贷款。该基金最近签署了一项设施协议，以提供以香港一家酒店为担保的优先收购贷款。</p>
<p>根据上周发送给投资者的一封信，蓝山桥资本基金在 2025 年交付了未披露的双位数回报，彭博社看到的信中表示，投资资本的年化毛回报率至少为 15%。</p>
<p>香港的商业房地产低迷仍然严重，办公楼价格比峰值下降了大约 50%。这削弱了许多房地产贷款的担保价值，导致借款人违约时银行遭受损失。</p>
<p>根据该信件，蓝山桥资本基金目前正在探索几项困境收购融资交易，并与几家香港商业银行进行深入谈判，以购买其以该市房地产资产为担保的不良贷款。彭博社</p>

<p>一家香港私人信贷基金，蓝山桥资本机会基金，计划到 2026 年将投资从 7500 万美元翻倍至 1.5 亿美元，目标是困境物业机会。这一举措反映了对香港房地产市场日益增长的信心，该市场在经历了重大下滑后已显示出复苏迹象。该基金由 Raymond Chan 领导，专注于特殊情况贷款，包括以豪华住宅和商业物业为担保的贷款。尽管商业房地产领域仍面临持续挑战，该基金旨在利用被低估的资产和不良贷款</p>

<p>[HONG KONG] A Hong Kong-based private credit fund aims to double its lending into distressed opportunities in the city, adding to a growing list of money managers positioning for further recovery after the deepest property slump in decades.</p>
<div class="lb-trans"><p>[香港] 一家总部位于香港的私人信贷基金计划将其在该市的困境投资贷款翻倍，加入到越来越多的资金管理者中，他们正在为经历数十年来最严重的房地产低迷后的进一步复苏做好准备。</p>
</div><p>Blue Mountain Bridge Capital Opportunities Fund expects to increase its invested capital from US$75 million to US$150 million by the end of 2026, a source familiar with the matter said, asking not to be identified speaking about private matters. The fund is run by Raymond Chan, who was previously co-head of Oaktree Capital Management’s Asia distressed debt business.</p>
<div class="lb-trans"><p>蓝山桥资本机会基金预计到 2026 年底将其投资资本从 7500 万美元增加到 1.5 亿美元，一位熟悉此事的消息人士表示，要求匿名以讨论私人事务。该基金由曾担任 Oaktree Capital Management 亚洲困境债务业务共同负责人的 Raymond Chan 管理。</p>
</div><p>That would be the latest sign of confidence in the city after news last week that Blackstone was in advanced talks to become the single largest shareholder of major Hong Kong developer New World Development, which bounced back from the brink of default last year. Other bullish signs on Hong Kong property have been emerging. Developer profits have likely bottomed, a JPMorgan Chase analyst forecast last month. Home prices in Hong Kong rose 3.25 per cent in 2025, the first annual gain in four years.</p>
<div class="lb-trans"><p>这将是对该市信心的最新迹象，此前有消息称，黑石集团正在与香港主要开发商新世界发展进行深入谈判，成为其单一最大股东，该公司去年从违约边缘反弹。香港房地产的其他乐观迹象也在出现。摩根大通的一位分析师上个月预测，开发商的利润可能已经触底。香港的房价在 2025 年上涨了 3.25%，这是四年来的首次年度增长。</p>
</div><p>At the same time, the commercial real estate sector remains under pressure, offering opportunities for lenders willing to take more risk. Investors continue to concentrate on high-quality assets in core districts such as Central and Causeway Bay, while office buildings in other areas face ongoing leasing challenges.</p>
<div class="lb-trans"><p>与此同时，商业房地产行业仍然面临压力，为愿意承担更多风险的贷款人提供了机会。投资者继续集中在中环和铜锣湾等核心地区的高质量资产上，而其他地区的办公楼则面临持续的租赁挑战。</p>
</div><p>“Hong Kong property is bottoming out, but there are still quite a few distressed and special-situation opportunities,” Chan said. “I’m looking at lending on buildings valued below land value.”</p>
<div class="lb-trans"><p>“香港房地产正在触底，但仍然有相当多的困境和特殊情况的机会，” Chan 说。“我正在考虑对土地价值以下的建筑进行贷款。”</p>
</div><p>His fund is dedicated to special-situation senior secured lending deals in Asia, with a primary focus on Hong Kong. Such loan investments have included one backed by a luxury residential property, and another secured by a newly converted commercial property. The fund has recently signed a facility agreement to provide a senior acquisition loan secured by a hotel in Hong Kong.</p>
<div class="lb-trans"><p>他的基金专注于亚洲的特殊情况优先担保贷款交易，主要集中在香港。这类贷款投资包括一项以豪华住宅物业为担保的贷款，以及另一项以新改建的商业物业为担保的贷款。该基金最近签署了一项设施协议，以提供以香港一家酒店为担保的优先收购贷款。</p>
</div><p>The fund delivered unspecified double-digit returns after fees in 2025, according to a letter sent to investors last week, seen by Bloomberg News, which said the annualised gross return on invested capital was at least 15 per cent.</p>
<div class="lb-trans"><p>根据上周发送给投资者的一封信，蓝山桥资本基金在 2025 年交付了未披露的双位数回报，彭博社看到的信中表示，投资资本的年化毛回报率至少为 15%。</p>
</div><p>Hong Kong’s commercial real estate slump remains severe, with office prices down roughly 50 per cent from their peak. That has eroded collateral values backing many property loans, causing losses for banks when borrowers default.</p>
<div class="lb-trans"><p>香港的商业房地产低迷仍然严重，办公楼价格比峰值下降了大约 50%。这削弱了许多房地产贷款的担保价值，导致借款人违约时银行遭受损失。</p>
</div><p>The Blue Mountain Bridge Capital fund is currently exploring several distressed acquisition financing deals and is in advanced talks with a few Hong Kong commercial banks to buy their non-performing loans backed by real estate assets in the city, according to the letter. BLOOMBERG</p>
<div class="lb-trans"><p>根据该信件，蓝山桥资本基金目前正在探索几项困境收购融资交易，并与几家香港商业银行进行深入谈判，以购买其以该市房地产资产为担保的不良贷款。彭博社</p>
</div>

随着私人信贷基金计划将投资翻倍，香港房地产的押注正在增加