China Firm Handles 4.7 Billion US Dollar Bad Assets

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Last updated at: (Beijing Time) Tuesday, December 24, 2002

China Firm Handles 4.7 Billion US Dollar Bad Assets

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China's Orient Asset Management Corporation, one of the four state-owned asset management companies, has handled 37.74 billion yuan (4.7 billion US dollars)of non-performing assets since 1999, the company said Monday.

Bai Shizhen, president of the company, said, "It's not an easy catch, for the company is responsible for handling the non-performing assets from the Bank of China, which is mainly the bad assets in the foreign trade arena and scattered in provinces and municipalities throughout the whole country."

So far, the company, set up in 1999, has undertaken two public overseas sales of state-owned asset. "A new sales project abroad worth 5 billion yuan (604.6 million US dollars) was on the cards,"Bai revealed.

The company also installed a risk management system based on the principle of fairness, openness and transparency and contributed 397 items of auditing advice for the inspection and handling of 8,157 non-performing asset projects.

"The state-owned asset management corporation shoulders the mission of managing financial risks, protecting state-owned assetsand promoting the reform of state-owned enterprises, which is vital to China's economic restructuring," Bai said.

China established four state-owned asset management corporations in 1999, specializing in the handling of bad assets worth 1,393.9 billion yuan (168.5 billion US dollars) within the four state-owned commercial banks and the State Development Bank of China.

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