25 bln yuan NPAs sold to investors

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Last updated at: (Beijing Time) Tuesday, December 23, 2003

25 bln yuan NPAs sold to investors

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China Huarong Asset Management Corporation (CHAMC) announced here Monday that it had sold non-performing assets (NPA) worth 25 billion yuan, attracting 11 institutional investors from home and abroad.

Investment giants like Citigroup, JP Morgan, Goldman Sachs, anda domestic investment firm were among the final list who won the bid to handle 22.2 billion yuan worth of NPAs involving 1,048 Chinese enterprises across 17 Chinese provinces and municipalities.

It was the first time the CHAMC had decided the final price of NPAs through the competition between international and domestic institutional investors, said Yang Kaisheng, president of the CHAMC.

The CHAMC was satisfied with the final prices, Yang said, revealing that the CHAMC would try different approaches to accelerate the handling of NPAs.

The CHAMC, one of four Chinese state-owned assets management corporations, is responsible for handling NPAs for Industrial and Commercial Bank of China.

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