普衡律师事务所就东方藏山资产管理有限公司与总部位于美国的收购公司KKR关于挖掘不断壮大的中国不良债务市场商机（尤其是房地产行业）而进行战略合作提供法律咨询，前者是由中国东方资产管理公司及其业务部门China Summit Capital创建的一个离岸投资管理平台。
中国东方资产管理有限公司是国内仅有的取得许可的四家国有资产管理公司和不良贷款批发商之一。
普衡的一支跨境团队负责处理整个交易，由驻香港合伙人林慧文、裴芳和驻伦敦合伙人Garrett Hayes率队。
中国的不良债务市场由中国华融资产管理股份有限公司和中国信达资产管理股份有限公司等四大资产管理公司主宰。
但随着世界第二大经济体中国的经济增长不断放慢，越来越多的借款人出现违约，有信号表明海外投资者正在关注这个快速扩张的市场。许多借款人用包括厂房和建筑在内的物业作为担保物。
高盛集团和橡树资本集团是参与去年5月中国信达资产组织的70亿美元不良债务投资组合推介的120家机构投资者中的两家，这是国有不良债务管理公司信达资产有史以来规模最大的销售推介。
2015年，中国各家商业银行的不良贷款增长36%，达到1.95万亿元人民币，连续17个季度增长。
中国的房地产市场未售住房数量庞大，且主要在小城市，已成为不良贷款的主要来源。
央行的数据显示，到去年三季度末，房地产行业未偿还的金融机构贷款超过20万亿元人民币（约合3万亿美元），占人民币贷款总额的22%。
Paul Hastings has advised China Orient Summit Capital – an offshore investment management platform created by China Orient Asset Management and its unit, China Summit Capital – and U.S.-based buyout firm KKR on a strategic partnership to capitalise on the growing Chinese market for distressed debt, specifically in the real estate sector.
China Orient is one of only four licensed state-owned asset management companies and wholesalers of non-performing loans (NPL) in the country.
A cross-border team from Paul Hastings team handled the deal, led by Hong Kong-based partners Vivian Lam and Pei Fang and London-based partner Garrett Hayes.
China's distressed debt market has been dominated by the Big Four asset management firms such as China Huarong Asset Management Co and China Cinda Asset Management Co.
But there have been signs that overseas investors are looking the rapidly expanding market, as slowing growth for the world's second-largest economy pushes more borrowers into default. Many borrowers use property, including factories and buildings, as collateral.
Goldman Sachs Group and Oaktree Capital Group were among 120 institutional investors attending a $7 billion bad debt portfolios offering by China Cinda last May, the largest ever sale promotion of the state-owned distressed debt manager.
Non-performing loans (NPLs) at Chinese commercial banks grew 36 percent to 1.95 trillion yuan during 2015, and marked their 17th consecutive quarter of increase.
China's property market, with a vast amount of unsold apartments, mainly in smaller cities, has been a major source of troubled loans.
The sector had more than 20 trillion yuan ($3 trillion) of outstanding loans from financial institutions at the end of the third quarter last year, accounting for 22 percent of total yuan-denominated loans, data from the central bank show.
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