Thursday, June 8, 2017 from 12:30 PM to 2:00 PM HKT
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HKUST Business School Central 
Rm 1501- 02, 15/F Hong Kong Club Building
3A Chater Road
Hong Kong

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Miranda Wong 
HKUST-NYU Stern MSGF Program Office 
+852 23585029 

China's Debt Challenge

Organized by the HKUST-NYU Stern MS in Global Finance Program

The event is currently over-subscribed as we have limited seats.  Please email your name, company and position to msgf@ust.hk and we will contact you upon the availability of a replacement slot.  Thank you!



Since the Global Financial Crisis, the stock of debt in China has expanded at an extraordinary rate and an unprecedented scale.  This has been most pronounced in the corporate sector, where debt outstanding as a proportion of GDP has increased from around 85% in 2008 to over 150% today.

With the Chinese economy slowing and corporate profitability under pressure, non-performing loans (“NPLs”) in the banking sector are starting to build.  This has prompted fears of a potential banking crisis in China, similar to the experience of the late 1990’s NPL cycle.


In this seminar, the speakers will identify some of the key areas of risk and potential bad debt costs to the banking system.  Recommendations will be made to help manage the coming NPL cycle in China.


Speaker Bio 

David Millhouse (MSGF Class of 2016) has over 15 years' experience in Asian financial markets, predominantly speculating on China.  He started his career at Goldman Sachs, before moving to Credit Suisse, JP Morgan and Bennelong Asset Management.

David left Bennelong to become one of the founding partners of Aviate Global, an Asian boutique broker that grew from 10 staff to 50 staff in three years with offices in Hong Kong, Singapore and London. The business was acquired by Religare Enterprises, India. David left Religare in 2014 to co-found Forsyth Barr Asia, where he is Head of China Research.  His firms advises global pension funds, hedge funds, private equity funds, corporates and some central banks, on China macroeconomic policy and where to invest money in China's capital markets. 

David has a Bachelor of Economics (Honors) from the University of Queensland.  He also completed and graduated from the Senior Executive Leadership program at Stanford University.

Adam Millhouse (MSGF Class of 2016) has over 10 years' experience in investment banking and equity capital markets, performing roles in Sydney, London, Singapore and Hong Kong.  Adam currently works for Macquarie Group in Hong Kong as an Associate Director in the company's Commodities and Global Markets division.  He specializes in Australia equities, responsible for distributing Macquarie's equity research and capital market transactions to institutional fund managers throughout Asia. 

Adam studied in Brisbane, Australia obtaining a Bachelor of Commerce and Honors Degree in Finance at the University of Queensland.

Both David and Adam are graduates of the MSGF Program; this presentation is originated from the Integrative Group Project they and their project team have worked on during their study of the MSGF Program.  

*Participants to this seminar are entitled to one hour of continuous professional training (CPT) requirement stipulated by the Securities and Futures Commission in Hong Kong.

Seminar Schedule

  12:30     Registration and Light Lunch
  13:00     Welcome and Introduction
  13:05     Presentation
  13:35     Q & A
  14:00     End