Nonperforming Loans Worth US$3.64 Billion Sold

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Last updated at: (Beijing Time) Wednesday, January 09, 2002

Nonperforming Loans Worth US$3.64 Billion Sold

Nonperforming loans worth 29.9 billion yuan (3.64 billion U.S. dollars) were sold last year, according to the Xinda Asset Management Company, one of China's four state-owned asset management companies.

The company collected 10.4 billlion yuan (about 1.2 billion U.S. dollars) in cash through the deals in 2001, a company source said Tuesday.

Xinda was founded in 1999 as the first of four asset management companies wholly-owned by the state. The company was set up to handle non-performing assets bought from the China Construction Bank, one of the four state-owned commercial banks, and the State Development Bank.

The company has handled nonperforming assets worth 61.2 billion yuan with 17.25 billion yuan collected in cash so far.

The other two asset management companies, Huarong and Great Wall, also presented their annual reports recently, showing that nonperforming assets worth 23.2 billion yuan were sold by Huarong and 53.1 billion yuan by Great Wall.

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