China’s Restructuring Firms Staff Up for Record Wave of Defaults

China’s property crisis has triggered an unprecedented wave of defaults in the world’s second-largest debt market. That means for some companies hired to clean up the fallout, business couldn’t be better.

Restructuring and financial advisers ranging from Alvarez & Marsal Inc. to boutique firms such as Admiralty Harbour Capital Ltd. have been expanding their Asia teams faster than ever to keep pace with the demand. They are now vying for growing opportunities as some of the biggest names in Chinese real estate including China Evergrande Group and Kaisa Group Holdings Ltd. undergo a historic revamp after failing to pay creditors. ...