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Saturday, December 23, 2000, updated at 16:44(GMT+8) | |||||||||||||
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CHAMC's Non-performing Assets Attractive to InvestorsThe China Huarong Asset Management Corporation (CHAMC) demonstrated the potential value of its 506-billion-yuan non-performing assets at an asset promotion ceremony held in Beijing Friday, December 22.The largest asset management company in China introduced to its potential investors more than 1000 projects with Huarong holding debtor rights and another 139 projects with Huarong holding shareholder's rights. More than 20 domestic investors and a dozen overseas investors expressed keen interest in Huarong's assets. Huarong's president Yang Kaisheng said that there are "latent" and "considerable" investment opportunities in Huarong's assets, which are distributed in a multitude of fields and regions and under different forms of ownership. According to him, Huarong has completed the acquisition of non-performing loans (NPLs) from the Industrial and Commercial Bank of China, China's biggest commercial bank, and is beginning the management of the NPLs. Founded in October,1999, the Huarong AMC is one of the country's four wholly state-owned financial asset management companies established to manage the NPLs of four commercial banks. Currently, Huarong has more than 70,000 debtor companies, most of which are state-owned enterprises. By November, Huarong recovered 3.4 billion yuan in NPLs through debt collection, restructuring, transferring and selling. "Huarong is set to complete the management task in six or more years," Yang disclosed, adding that an international roadshow will be staged next year in Europe and North America to lure overseas investment. China granted in November special legal status and business privileges to AMCs with the announcement of new regulations by the State Council, China's cabinet. Moreover, the China Securities Regulatory Commission also allows Huarong to underwrite stock listings.
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