The Higher People's Court of Guangdong Province in south China will soon start allocating the properties of the Guangdong International Trust and Investment Corporation (GITIC) to its creditors, sources said.

By October 21, the liquidation group had confirmed 543 debt claims totaling 34.28 billion yuan, which accounts for 95 percent of the claimed debt units and 88 percent of the claimed debt value.

The liquidators are yet to confirm 26 debt claims totaling 4.49 billion yuan.

The liquidators estimate that GITIC's total debt stands at 24. 34 billion yuan, and its losses 16.65 billion yuan.

The court has so far sent out 260 instructions to GITIC's debtors for payment of 13.92 billion yuan in debts owed to GITIC, and has recovered 100 million yuan.

Li Qi, a deputy director of the court, said domestic and overseas creditors will be treated equally in the allocation of GITIC's properties.