Lehman Brothers Bankruptcy Affects China Real Estate

Bankruptcy of Lehman Brothers Holdings Inc., which used to be one of the four largest investment banks on the Wall Street in the US, have affected the Chinese real estate industry.

Some media reported on June 18, 2009 that KPMG International, a professional firm providing services of audit, tax and advisory in 145 countries around the world, have handled seven of the nine deals related to loans and bonds in the Chinese real estate sector, which brought a total of more than USD 200 million for creditors' of the US bankrupt investment bank and created an average 80% return rate. The deals, which are the first batch of handled heavy assets of the US investment bank's global real estate investment portfolios, include preferential bonds, mezzanine loans, and convertible bonds for the guarantee of the real estate industry, and six of the deals are related to the Shanghai real estate industry.

Source: dycj.ynet.com (June 19, 2009)

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