Asia distressed funds

Many larger hedge funds, distressed funds are opening shop in Asia (some are closing too but it’s net positive). This is across Japan, Hong Kong, China, and India. Less liquid, tighter regulation, and (very) localised market (specifically connections) - atypical of typical hedge fund investing style. Thoughts on what the performance will be for distressed / multi-strategy hedge funds in Asia over the next 10/12 years?

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