The China Orient Asset Management Corporation (COAMC) signed three agreements of debt-to-equity swap with three large state-owned enterprises (SOEs) in Beijing on December 10.

The agreements, which are worth a total 2.8 billion yuan (about 340 million U.S. dollars), was inked between COAMC and Qinghai Aluminum Co. Ltd., Panjin Ethylene Industrial Company and Liuzhou Yufeng Cement Group.

Under the agreements, COAMC agreed to exchange into equity the three's debts owed to the Bank of China.

The three SOEs will undergo corporate restructuring, upgrade their technology, improve management and guarantee the smooth phase-out of COAMC.

Today's agreements are expected to reduce the liability rates of the three SOEs by over 20 percent, which will go far in helping them to make profits next year.