Warburg Pincus and Wensheng Asset Management, an asset manager in China, completed the formation of Wensheng Special Situations Asset Management, a distressed real estate joint venture. Companies plan to invest $600m into the venture. “In light of the ongoing financial reform in China and the continued regulatory development, the real estate special situations sector is entering an accelerated growth trajectory,” Qiqi Zhang, Warburg Pincus Managing Director.