AMC Maintains High Recovery Rate of Non-Performing Assets

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Last updated at: (Beijing Time) Wednesday, February 06, 2002

AMC Maintains High Recovery Rate of Non-Performing Assets

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By the end of 2001, the China Oriental Asset Management Corporation (Oriental) had handled non-performing assets with a value of 23.358 billion yuan on an accumulated basis, recovering 14.965 billion yuan, a rate of 64.07percent.

Bo Shizhen, president of the Oriental, said at the corporation's annual meeting held here Wednesday that 2001 was the first year for her company to handle non-performing assets on a large scale. Within the year the corporation handled non-performing assets witha book value of 18.291 billion yuan, recovering 8.513 billion yuan,a rate of 46.5 percent, Bo said.

She said that the corporation also made progress in asset to equity swaps, so far 89 enterprises organized this way have registered, involving a value of 15.117 billion yuan. In addition,it has been developing other fields including securities underwriting and management consulting, she said.

In 2001 the corporation sold 1.8 billion yuan worth of assets to foreign investors, and has been negotiating with a number of international financial institutions for the establishment of joint ventures.

The Oriental is one of China's four financial asset management corporations engaged in handling non-performing assets stripped from state-owned commercial banks.

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