Investment in distressed real estate has always been a popular topic in China’s special situations market. After highlighting some of the key issues in legal due diligence, we now look at popular transaction structures that investors may deploy. We have prepared four articles to introduce different modes for investment in distressed real estate. In this article, we begin with a structure that resembles equity investment in appearance but is in fact lending in nature. #China #SpecialSituations #NPL #DistressedAsset #RealEstate #Structure #Debt #Equity