Table: Morgan Stanley's Big Bet

The investment bank hopes to profit by being a more efficient debt collector than Beijing. Here is what it bought:

AMOUNT OF DEBT

$1.2 billion in bad loans purchased for about $100 million

NUMBER OF DEBTOR COMPANIES

254 businesses and factories, two-thirds of them state-owned enterprises

KINDS OF BUSINESSES

Nearly half are engaged in trade, light industry, textile and machinery manufacture; two-thirds are shuttered or only partly operating

COLLATERAL FOR THE BAD LOANS

Three-quarters real estate, one-quarter equipment

Data: BusinessWeek

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