1.78-bln-yuan Chinese non-performing assets sold to int'l investors

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Last updated at: (Beijing Time) Tuesday, December 02, 2003

1.78-bln-yuan Chinese non-performing assets sold to int'l investors

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Chinese non-performing assets worth 1.78 billion yuan (about 225 million US dollars) were sold to a group formed by GE GFR Asset Management Inc. and Morgan Stanley MSREF IV Acquisition (Asia) Inc., China Huarong Asset Management Corporation (CHAMC) announced here Monday.

Altogether four prestigious international investment institutions participated in the bidding and they showed great interest, said CHAMC president Yang Kaisheng.

He revealed that CHAMC would promote the sale of non-performing assets worth 25 billion yuan to investors in the middle of December.

Most of the preparation procedures for the auction have been completed and about 20 investors at home and abroad have submitted their applications to the CHAMC, Yang said.

CHAMC sold non-performing assets of 12.8 billion yuan to the international investment giants Morgan Stanley and Goldman Sachs last December, which was widely regarded as China's first attempt to handle non-performing assets by international investment.

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