This latest issue of KPMG's global restructuring magazine focuses on trends in key Asia Pacific markets including China, Japan and Australia.

Welcome
So far at least, the Asia-Pacific region appears to be escaping the worst ravages of the international credit crunch. The banking crisis, along with rapidly rising commodity prices, is having an impact and growth is certainly expected to slow this year. When compared to the gloomy predictions for the US and Western Europe, the economic outlook is still relatively healthy.

That’s not to say that there is a shortage of restructuring activity or a lack of opportunities for investors in distressed and underperforming companies. In some cases, for example in Japan, the emphasis on restructuring has shifted from distressed to underperforming businesses, as corporates vie to make themselves more competitive.

Elsewhere, in countries such as China, Malaysia and Australia (where a depression in the real estate market echoes that in the UK and US) non-performing assets are a live issue and investors are actively assessing the opportunities and the challenges.

What everyone faces is a complex picture. The phrase ‘Asia-Pacific region’ disguises an enormous diversity in terms of business and regulatory norms. The practices and procedures surrounding financial distress, insolvency and corporate restructuring in, say, China are very different from those applying in Japan, Singapore, Malaysia or Australia. In some cases, the regulations are mature, tried and tested. Elsewhere regulators are still getting to grips with sometimes unfamiliar problems.

So in this special Asia Pacific issue of Restore, we look at some of the key issues facing restructuring professionals working in the region. From an overview of the opportunities for investors in the distressed Australian property market to the operation of an insolvent airline, we explore the issues impacting on existing and potential stakeholders in the current restructuring climate and highlight some of the options available to them. There’s plenty of practical advice on offer, but also forward-looking insights into a complex region.

Welcome to Restore Asia Pacific issue.
Mick McLoughlin
Global Head of Restructuring KPMG in the UK

Download The Turnaround Magazine: Restore Asia Pacific Issue

PDF format, 1.2MB, 24Pages.

Contents
3 The options for businesses exiting investments in China
6 A look at difficulties, and opportunities, in the Australian property market
8 Taking care of cash flow in times of economic downturn
12 A round table discussion on investment trends in the Asia-Pacific region
14 See how a smooth landing was created for an insolvent airline
17 Restructuring trends in Korea
18 An insight into the changing restructuring market in Japan
20 The Asia Pacific non-performing loan market is evolving, with some new players appearing on the scene
23 Changed regulations in Singapore means a renewed focus on the importance of restructuring

About KPMG

Overview

KPMG is a global network of professional firms providing audit, tax, and advisory services, with an industry focus. The aim of KPMG member firms is to turn knowledge into value for the benefit of the firms' clients, people, and the capital markets. With more than 123,000 people worldwide, member firms provide audit, tax, and advisory services in 145 countries.

About KPMG China

KPMG China has eleven offices (including KPMG Advisory (China) Limited) in Beijing, Shenyang, Qingdao, Shanghai, Chengdu, Hangzhou, Fuzhou, Guangzhou, Shenzhen, Hong Kong and Macau, with more than 7,000 professionals.

In 1992, KPMG became the first international accounting firm to be granted a joint venture licence in China, and our Hong Kong SAR operations have been established for over 60 years since 1945. This early commitment to the China market, together with our unwavering focus on quality, has been the foundation for accumulated industry experience, and is reflected in our appointment by some of the China's most prestigious companies.

As China businesses join the global economy and international companies seek to enter the China market, KPMG's blend of international experience and local knowledge makes us well-positioned to serve our clients in this increasingly complex, but exciting market.

Our single management structure for all our China offices allows efficient and rapid allocation of experienced professionals wherever the client is located in China. The flexibility of this single structure allows us to effectively serve companies across China - and we have many projects where professionals from different offices work together on a project under the supervision of a single nominated client partner, who has operational control of all resources.

Our business in China has established industry groups, enabling targeted, industry-specific experience and solutions to be delivered where needed. For our clients, this focus on industry and country specific knowledge means we can deliver exceptional people with an intimate knowledge of your specific business issues, as well as an overriding commitment to strive for the highest quality services.

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