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Four Chinese Companies Purchase Nearly 1,400 Bn-Yuan Non-Performing Assets
China Cinda Assets Management Co., China Orient Asset Management Co., China Great Wall Asset Management Co. and China Huarong Asset Management Co. have recently purchased non-performing assets worth some 1,394 billion yuan from State-owned banks and 587 State-owned enterprises contracted for debt-to-equity transfer, with a total capital of over 340 billion yuan.
So far, the task of purchasing has been basically accomplished and the work of dealing with these assets has entered the substantive stage.
The debt-to-equity transfer is being carried out mainly in big and medium-sized State-owned enterprises, which involves industries such as light and textile industries, construction, transportation, energy, machinery, metallurgy and real estate.
The four companies have adopted a series of measures for the work of debt-to-equity transfer in qualified enterprises and employed the methods of leasing, transferring and regrouping assets, cashing and vitalizing assets and reviving their value-added functions. Through the handling of non-performing assets, Cinda has recovered more than 5 billion yuan of cash and Huarong 0.53 billion yuan.
By PD Online staff Deng Gang
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