China's Asset Management Corporations Improve Efficiency

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Last updated at: (Beijing Time) Thursday, January 23, 2003

China's Asset Management Corporations Improve Efficiency

China's four state-owned asset management corporations (AMCs) have shown high efficiency in handling non-performing assets, the People's Bank of China (PBOC) reported Wednesday.

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China's four state-owned asset management corporations (AMCs) have shown high efficiency in handling non-performing assets, the People's Bank of China (PBOC) reported Wednesday.

By the end of 2002, the AMCs handled a total of 301.442 billion yuan (36.45 billion US dollars) of non-performing assets, according to the report.

The four corporations recovered assets valued at 101.318 billion yuan, of which 67.482 billion yuan was in cash, realizing an asset recovery rate and a cash rate of 33.61 percent and 22.39 percent respectively.

The four AMCs adopted a series of measures to handle the non-performing assets, including public bidding, contracted transference, legal action, international auction and bankruptcy clearing.

In 2002 the AMCs handled non-performing assets of 132.725 billion yuan, increasing 10.618 billion yuan or 8.7 percent over 2001 and recovered cash of 31.75 billion yuan, up 25.43 percent.

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