<p>[香港] 一小群负责清理香港前所未有的坏账的银行家们已经不再温和对待。</p>
<p>他们人数不足 200 人，占该市金融工作者的比例不到 0.07%。但这些所谓的特殊资产银行家面临着一项庞大且日益紧迫的任务：削减高达 2000 亿港元（324 亿新元）的不良债务，这使得该市的困境贷款比例达到了 20 年来的最高点。</p>
<p>根据十多位这样的银行家和与他们直接合作的人士的说法，这些专家在幕后工作，越来越多地转向最后的手段，如出售抵押品或推动借款人进入清算，通常是由于香港商业房地产的损失。贷款机构正在组建这些团队——有些人称之为特殊信贷、回收与催收或重组团队——因为他们抓住了一个削减损失并为新贷款释放资金的机会，随着经济的复苏。</p>
<p>至少有六家香港的贷款机构增加了特殊资产银行家的数量，知情人士表示。其中，东亚银行（BEA）和大华银行（UOB）香港分行自 2024 年以来几乎将员工人数翻倍，而中国银行（BOC）香港分行和恒生银行则在已经有超过 10 人的团队中增加了少数专家，知情人士要求匿名讨论私人事务。</p>
<p>UOB 的一位发言人表示，该银行与面临挑战的客户进行建设性合作，同时保护其利益相关者的利益。BOC 和恒生银行拒绝置评，而 BEA 没有回应寻求评论的请求。</p>
<p>这样的专家的工作可能并不愉快，因为他们正在与 “处于最低谷的借款人” 打交道，东亚研究所的访问高级研究员杰森·贝德福德（Jason Bedford）表示。</p>
<p>一位不愿透露姓名的中国贷款机构的银行家描述了他团队经常工作到午夜的情况，因为他们同时处理多达 20 个问题贷款案例，这比几年前的工作量翻了一倍。即便如此，他越来越多地在周末去办公室。</p>
<p>在周六晚上，街道上挤满了购物者、游客，甚至一些潜在的购房者，营造出香港复苏的热闹氛围，但这位银行家常常发现自己在办公室撰写报告，详细记录与违约借款人的通话时间以及他们多少次未接听电话。许多银行最终决定断绝关系的客户涉及商业房地产。尽管住宅市场正在从几十年来最严重的低迷中恢复，但商业领域仍在与空置和因困境火售而加剧的过剩作斗争。</p>
<p>这一切都加剧了贷款机构需要更快行动以最终解决更多坏账并为新贷款建立实力的紧迫感，尤其是在大型基础设施项目即将到来之际。</p>
<p>过去几个月的两个案例突显了这一紧迫性，因为银行家们帮助任命经理接管并出售高端办公楼。</p>
<p>中国银行香港分行任命普华永道的合伙人作为接管人，帮助出售位于九龙的 25 层 HK NEO 办公楼，试图从一笔总额为 55 亿港元的贷款中收回尽可能多的资金，该行是其中的贷款方，彭博社看到的文件显示。</p>
<p>在九龙的另一部分，东亚银行任命安永 - 帕特农的合伙人来接管并出售办公大楼 One Bedford Place，彭博社看到的其他文件显示。</p>
<p>“从等待转向行动的变化非常明显，” 在咨询公司安永 - 帕特农担任全球重组领导团队高级合伙人的德里克·赖（Derek Lai）表示，他与处理坏账的团队密切合作已有三十多年。“决策仍然是逐案进行，但现在的倾向是承受损失并继续前进，尤其是对于商业地产贷款。”</p>
<p>这一变化在一个以支持企业度过压力时期而自豪的城市中显得尤为突出，这种风格在亚洲金融危机后被监管机构称为 “香港企业困难应对方式”。</p>
<p>但在困境贷款比例在去年年底上升至 2.01%（自 2004 年以来的最高点）后，耐心正在消耗殆尽。</p>
<p>尽管贷款机构拥有充足的资本，总充足率远高于国际最低要求，但进一步的风险已经出现。其中一个风险是伊朗战争可能推高利率，导致能源价格飙升，从而加重已经陷入困境的借款人的债务服务成本。</p>
<p>随着贷款机构争相扩大他们的团队，团队规模从几人到几十人不等，他们正在从其他银行和重组咨询公司招聘候选人。知情人士表示，一些人还重新分配了信贷风险专家和前台客户经理。</p>
<p>这项工作并不光鲜。根据知情人士的说法，薪酬通常比商业银行的前台职位低至少 20%。从入门级职位到团队负责人，年薪大致在 50 万港元到 200 万港元之间。</p>
<p>特殊资产银行家通常更喜欢相对的低调，因为他们试图减少对失败贷款的关注，知情人士表示。他们在电话中很少发言，通常在其他人之后简短发言。</p>
<p>该领域的一位重要人物，恒生银行特殊信贷团队负责人文森特·刘（Vincent Lau）在他的 LinkedIn 页面上没有个人资料照片，也没有帖子。这与许多银行家在城市中经常突出重大交易和奖项的个人资料形成对比。刘没有回复评论请求。</p>
<p>业内人士表示，恢复专家与客户经理之间的互动有时会很不愉快，后者在某些情况下是他们现在正在处理的失败贷款的发起者。</p>
<p>一位中国银行的客户经理谈到了最近的一次遭遇，他认为这突显了不同角色之间风格的对比。在他所在的银行出售了一处与不良贷款相关的商业综合体的那一天结束时，他提议去兰桂坊酒吧庆祝。不良债务的同事拒绝了，尽管他们已经合作了几个月，但此后在办公室里并没有与他互动。</p>
<p>撇开个人风格不谈，银行家面临的挑战显而易见，因为推动大量不良债务的商业地产困境仍在持续。</p>
<p>尽管在几笔标志性交易后有所进展，但由于新开办公楼的涌现，商业建筑的空置率仍然居高不下。根据 CBRE 集团的数据，截至 3 月底，空置率接近历史最高点，达 16.8%。这与其他地方经济的复苏形成对比，后者也受到火热的 IPO 市场的推动。</p>
<p>随着特殊信贷银行家努力释放更多的贷款能力，他们开始转向与破产顾问和律师花更多时间。其他人甚至开始上法庭起诉借款人，这对一些人来说是全新的体验。</p>
<p>这种强度可能会带来压力。就他而言，这位中国银行的银行家表示他感到精疲力竭。</p>
<p>即使在团队扩展后获得了额外的帮助，他和他的同事们的工作量仍然超过了他们职业生涯中的几乎任何其他时期。</p>
<p>“一旦信贷环境转变，工作就变成了恢复、重组和损失控制，” 东亚研究所的贝德福德表示。“这很复杂且劳动密集，但它成为了一个绝对关键的职能。” BLOOMBERG</p>

东亚银行

<p>香港的特殊资产银行家人数不足 200 人，他们正加紧努力应对 2000 亿港元的坏账危机，困境贷款比例已达到 20 年来的最高水平。这些银行家采取了激进的策略，包括出售抵押品和清算借款人，特别是在艰难的商业房地产领域。东亚银行和大华银行等主要银行已扩大团队，以加快债务解决进程。最近高调任命接管人处理困境物业的案例凸显了这一紧迫性，反映出在管理坏账方面向主动措施的转变</p>

<p>[HONG KONG] A small group of bankers in Hong Kong tasked with cleaning up the city’s unprecedented pile of bad debt is done playing nice.</p>
<div class="lb-trans"><p>[香港] 一小群负责清理香港前所未有的坏账的银行家们已经不再温和对待。</p>
</div><p>They number under 200 people, less than 0.07 per cent of the city’s finance workforce. But these so-called special asset bankers are up against a large and increasingly urgent task: cutting a HK$200 billion (S$32.4 billion) pile of soured debt that has pushed the city’s distressed loan ratio to a two-decade high.</p>
<div class="lb-trans"><p>他们人数不足 200 人，占该市金融工作者的比例不到 0.07%。但这些所谓的特殊资产银行家面临着一项庞大且日益紧迫的任务：削减高达 2000 亿港元（324 亿新元）的不良债务，这使得该市的困境贷款比例达到了 20 年来的最高点。</p>
</div><p>Working behind the scenes, the specialists have increasingly been turning to last-resort tactics of selling collateral or pushing borrowers into liquidation, often due to losses on Hong Kong commercial real estate, according to more than a dozen such bankers and people who work directly with them. Lenders have been building out these squads-which some also call special credit, recovery &amp; collection, or workout teams-as they seize a window of opportunity to cut losses and free up money for fresh lending as the rest of the economy rebounds.</p>
<div class="lb-trans"><p>根据十多位这样的银行家和与他们直接合作的人士的说法，这些专家在幕后工作，越来越多地转向最后的手段，如出售抵押品或推动借款人进入清算，通常是由于香港商业房地产的损失。贷款机构正在组建这些团队——有些人称之为特殊信贷、回收与催收或重组团队——因为他们抓住了一个削减损失并为新贷款释放资金的机会，随着经济的复苏。</p>
</div><p>At least half a dozen lenders in Hong Kong have increased their number of special asset bankers, people familiar with the matter said. Among them, Bank of East Asia (BEA) and United Overseas Bank’s (UOB) Hong Kong branch have nearly doubled headcount since 2024, while Bank of China’s (BOC) Hong Kong branch and Hang Seng Bank have added a handful of the specialists to teams that already had more than 10 people, according to the people, who asked not to be identified discussing private matters.</p>
<div class="lb-trans"><p>至少有六家香港的贷款机构增加了特殊资产银行家的数量，知情人士表示。其中，东亚银行（BEA）和大华银行（UOB）香港分行自 2024 年以来几乎将员工人数翻倍，而中国银行（BOC）香港分行和恒生银行则在已经有超过 10 人的团队中增加了少数专家，知情人士要求匿名讨论私人事务。</p>
</div><p>A UOB spokesperson said the bank works constructively with customers facing challenges, while safeguarding the interests of its stakeholders. BOC and Hang Seng declined to comment, while BEA did not respond to requests seeking comment.</p>
<div class="lb-trans"><p>UOB 的一位发言人表示，该银行与面临挑战的客户进行建设性合作，同时保护其利益相关者的利益。BOC 和恒生银行拒绝置评，而 BEA 没有回应寻求评论的请求。</p>
</div><p>The work of such specialists can be unpleasant, given they are dealing with borrowers “at their lowest lows,” said Jason Bedford, a visiting senior research fellow at the East Asian Institute.</p>
<div class="lb-trans"><p>这样的专家的工作可能并不愉快，因为他们正在与 “处于最低谷的借款人” 打交道，东亚研究所的访问高级研究员杰森·贝德福德（Jason Bedford）表示。</p>
</div><p>One banker at a Chinese lender, who asked not to be identified discussing personal details, described frequently working until midnight as his team grapples with up to 20 troubled loan cases at a time, more than double the load from just a few years ago. Even at that, he is increasingly going to the office on the weekends.</p>
<div class="lb-trans"><p>一位不愿透露姓名的中国贷款机构的银行家描述了他团队经常工作到午夜的情况，因为他们同时处理多达 20 个问题贷款案例，这比几年前的工作量翻了一倍。即便如此，他越来越多地在周末去办公室。</p>
</div><p>As the streets on Saturday nights fill with shoppers, tourists and even some prospective homebuyers fuelling a buzz that Hong Kong’s bouncing back, the banker has often found himself at the office writing reports detailing the exact time of calls to delinquent borrowers and how many times they ghosted him. Many of the clients the bank is finally pulling the plug on involve commercial real estate. While the residential market recovers from its deepest downturn in decades, the commercial segment is still grappling with vacancies and oversupply worsened by distressed fire sales.</p>
<div class="lb-trans"><p>在周六晚上，街道上挤满了购物者、游客，甚至一些潜在的购房者，营造出香港复苏的热闹氛围，但这位银行家常常发现自己在办公室撰写报告，详细记录与违约借款人的通话时间以及他们多少次未接听电话。许多银行最终决定断绝关系的客户涉及商业房地产。尽管住宅市场正在从几十年来最严重的低迷中恢复，但商业领域仍在与空置和因困境火售而加剧的过剩作斗争。</p>
</div><p>That is all feeding a growing sense that lenders need to act faster to finally resolve more of the bad debt and build out firepower for new loans, especially as mega infrastructure projects loom.</p>
<div class="lb-trans"><p>这一切都加剧了贷款机构需要更快行动以最终解决更多坏账并为新贷款建立实力的紧迫感，尤其是在大型基础设施项目即将到来之际。</p>
</div><p>Two cases in the past several months underscore the urgency, as the bankers helped appoint managers to take over and sell high-end office buildings.</p>
<div class="lb-trans"><p>过去几个月的两个案例突显了这一紧迫性，因为银行家们帮助任命经理接管并出售高端办公楼。</p>
</div><p>Bank of China’s Hong Kong unit named PricewaterhouseCoopers partners as receivers to help offload the 25-floor HK NEO in Kowloon, near the old Kai Tak airport, as it tries to recoup what it can from a loan totalling HK$5.5 billion on which it was one of the lenders, according to documents seen by Bloomberg News.</p>
<div class="lb-trans"><p>中国银行香港分行任命普华永道的合伙人作为接管人，帮助出售位于九龙的 25 层 HK NEO 办公楼，试图从一笔总额为 55 亿港元的贷款中收回尽可能多的资金，该行是其中的贷款方，彭博社看到的文件显示。</p>
</div><p>In another part of Kowloon, Bank of East Asia appointed EY-Parthenon partners to seize and sell the office tower One Bedford Place, other documents seen by Bloomberg News show.</p>
<div class="lb-trans"><p>在九龙的另一部分，东亚银行任命安永 - 帕特农的合伙人来接管并出售办公大楼 One Bedford Place，彭博社看到的其他文件显示。</p>
</div><p>“There’s a clear shift from waiting to acting,” said Derek Lai, a senior partner on the global restructuring leadership team at consulting firm EY-Parthenon who has worked closely with teams dealing with bad loans for more than three decades. “Decisions are still case by case, but the tilt is now towards taking the hit and moving on, especially for commercial property loans.”</p>
<div class="lb-trans"><p>“从等待转向行动的变化非常明显，” 在咨询公司安永 - 帕特农担任全球重组领导团队高级合伙人的德里克·赖（Derek Lai）表示，他与处理坏账的团队密切合作已有三十多年。“决策仍然是逐案进行，但现在的倾向是承受损失并继续前进，尤其是对于商业地产贷款。”</p>
</div><p>The shift stands out in a city that prides itself on supporting firms through periods of stress, a style codified by regulators as the “Hong Kong Approach to Corporate Difficulties” in the aftermath of the Asian financial crisis.</p>
<div class="lb-trans"><p>这一变化在一个以支持企业度过压力时期而自豪的城市中显得尤为突出，这种风格在亚洲金融危机后被监管机构称为 “香港企业困难应对方式”。</p>
</div><p>But patience is running thin after the distressed loan ratio rose to 2.01 per cent at the end of last year, the highest since 2004.</p>
<div class="lb-trans"><p>但在困境贷款比例在去年年底上升至 2.01%（自 2004 年以来的最高点）后，耐心正在消耗殆尽。</p>
</div><p>While lenders have ample capital, with total adequacy ratios several times above international minimum requirements, further risks have cropped up. One is that the Iran War threatens to push up interest rates as energy prices spike, worsening debt servicing costs for already struggling borrowers.</p>
<div class="lb-trans"><p>尽管贷款机构拥有充足的资本，总充足率远高于国际最低要求，但进一步的风险已经出现。其中一个风险是伊朗战争可能推高利率，导致能源价格飙升，从而加重已经陷入困境的借款人的债务服务成本。</p>
</div><p>As lenders jockey to build out their squads, which range in size from a handful to a couple dozen, they are hiring candidates at other banks and restructuring advisory firms. Some have also reassigned credit risk specialists and front-office relationship managers, the people familiar with the matter said.</p>
<div class="lb-trans"><p>随着贷款机构争相扩大他们的团队，团队规模从几人到几十人不等，他们正在从其他银行和重组咨询公司招聘候选人。知情人士表示，一些人还重新分配了信贷风险专家和前台客户经理。</p>
</div><p>The work is unglamourous. Compensation can run at least 20 per cent lower than in front-office roles within the commercial banks, according to the people. From entry-level positions through team heads, annual pay ranges roughly from about HK$500,000 to HK$2 million, the people said.</p>
<div class="lb-trans"><p>这项工作并不光鲜。根据知情人士的说法，薪酬通常比商业银行的前台职位低至少 20%。从入门级职位到团队负责人，年薪大致在 50 万港元到 200 万港元之间。</p>
</div><p>The special asset bankers often prefer relative obscurity, as they try to attract less attention to the failed loans, the people familiar with the matter said. They have a reputation for rarely coming off mute on calls, only talking briefly if at all after others.</p>
<div class="lb-trans"><p>特殊资产银行家通常更喜欢相对的低调，因为他们试图减少对失败贷款的关注，知情人士表示。他们在电话中很少发言，通常在其他人之后简短发言。</p>
</div><p>One of the rainmakers in the sector, Vincent Lau, head of the special credit team at one of the largest local lenders, Hang Seng Bank, has no profile picture on his LinkedIn page and no posts. That contrasts with profiles of many bankers in the city often highlighting major deals and awards. There was no reply to requests for comment from Lau.</p>
<div class="lb-trans"><p>该领域的一位重要人物，恒生银行特殊信贷团队负责人文森特·刘（Vincent Lau）在他的 LinkedIn 页面上没有个人资料照片，也没有帖子。这与许多银行家在城市中经常突出重大交易和奖项的个人资料形成对比。刘没有回复评论请求。</p>
</div><p>At times in the industry, interactions can be uneasy between recovery specialists and relationship managers, who in some cases initiated the failed loans they’re now cleaning up, the people familiar with the matter said.</p>
<div class="lb-trans"><p>业内人士表示，恢复专家与客户经理之间的互动有时会很不愉快，后者在某些情况下是他们现在正在处理的失败贷款的发起者。</p>
</div><p>A relationship manager at a Chinese bank spoke of a recent encounter that he felt highlighted how styles can contrast across the roles. At the end of a day when his bank sold a commercial complex tied to a soured loan, he proposed going to the bar district Lan Kwai Fong to celebrate. The bad debt colleague declined, and despite having worked together for months, did not engage with him in the office after that.</p>
<div class="lb-trans"><p>一位中国银行的客户经理谈到了最近的一次遭遇，他认为这突显了不同角色之间风格的对比。在他所在的银行出售了一处与不良贷款相关的商业综合体的那一天结束时，他提议去兰桂坊酒吧庆祝。不良债务的同事拒绝了，尽管他们已经合作了几个月，但此后在办公室里并没有与他互动。</p>
</div><p>Personal styles aside, the challenges facing the bankers are clear, as the commercial property pain driving much of the bad debt drags on.</p>
<div class="lb-trans"><p>撇开个人风格不谈，银行家面临的挑战显而易见，因为推动大量不良债务的商业地产困境仍在持续。</p>
</div><p>Despite some progress following several landmark deals, vacancies in commercial buildings remain elevated due to a wave of newly opened offices. Vacancies stood close to an all-time high at 16.8 per cent at the end of March, according to CBRE Group. That’s in contrast to the rebound elsewhere in an economy also buoyed by a hot IPO market.</p>
<div class="lb-trans"><p>尽管在几笔标志性交易后有所进展，但由于新开办公楼的涌现，商业建筑的空置率仍然居高不下。根据 CBRE 集团的数据，截至 3 月底，空置率接近历史最高点，达 16.8%。这与其他地方经济的复苏形成对比，后者也受到火热的 IPO 市场的推动。</p>
</div><p>As the special credit bankers push to free up more lending firepower, they’re pivoting to spend more time with insolvency advisers and lawyers. Others are even going to court to sue borrowers, a new experience for some.</p>
<div class="lb-trans"><p>随着特殊信贷银行家努力释放更多的贷款能力，他们开始转向与破产顾问和律师花更多时间。其他人甚至开始上法庭起诉借款人，这对一些人来说是全新的体验。</p>
</div><p>The intensity can take a toll. For his part, the banker at the Chinese lender said he’s feeling burned out.</p>
<div class="lb-trans"><p>这种强度可能会带来压力。就他而言，这位中国银行的银行家表示他感到精疲力竭。</p>
</div><p>Even with additional help following team expansions, the volume of work for him and his peers surpasses almost any other period in their careers, he said.</p>
<div class="lb-trans"><p>即使在团队扩展后获得了额外的帮助，他和他的同事们的工作量仍然超过了他们职业生涯中的几乎任何其他时期。</p>
</div><p>“Once the credit environment turns, the job becomes about recovery, restructuring, and loss containment,” said Bedford at the East Asian Institute. “It’s complex and labor-intensive, but it becomes an absolutely critical function.” BLOOMBERG</p>
<div class="lb-trans"><p>“一旦信贷环境转变，工作就变成了恢复、重组和损失控制，” 东亚研究所的贝德福德表示。“这很复杂且劳动密集，但它成为了一个绝对关键的职能。” BLOOMBERG</p>
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香港的不良债务银行家加快了火线销售和清算的步伐