Warburg Pincus is creating a Chinese asset management company to invest in distressed real estate opportunities, with plans to garner US$5 billion in assets in five years.The US private equity firm will work with Wensheng, one of the largest special situation asset managers in China, to create Wensheng Special Situations Asset Management, a joint venture focusing on real estate special situation investments, including distressed assets. The two will commit as much as US$600 million, according…