Bain Capital said on Monday it has agreed to buy a portfolio of non-performing loans (NPLs) worth $200 million in principal from a Chinese asset manager, in what two people close to the matter said was the U.S. private equity firm’s first such deal in China.

Bain Capital Credit made the purchase as part of its special situations strategy in Asia, the company said in a statement.

The firm bought the portfolio of real estate-related loans – including loans linked to retail, hotel and industrial assets – from China Huarong Asset Management Co Ltd, China’s biggest distressed debt manager, one of the people said.

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