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"Great Wall" Starts Reorganization of Non-performing Assets
Wang Xingyi, president of the China Great Wall Asset Management Co., announced on January 15 to the formal start of the strategic trans-regional and trans-industrial reorganization of non-performing assets which involve 210 projects and over 40 billion yuan. The task will be accomplished within three years.
Wang said that his company regards the reorganization of assets as a major measure for accelerating the disposal of non-performing assets and promoting economic structural readjustment. The reorganization requires great efforts to bring about three changes: changing loose assets into intensive ones, small assets into big ones, and non-performing assets into performing ones, thereby fostering a batch of large enterprise groups with international competitiveness, so as to ensure the preservation and increment of the value of these assets.
The reorganization covers different places and involves assets in different industries.
It's reported that the Great Wall Asset Management Co. has purchased non-performing assets of 345 billion yuan from the Agricultural Bank of China. By the end of last December, it had handled creditor's rights with 24.8-billion-yuan account value of principal and interest. Through reorganization, the listed company of Chongqing Yu-Gang Tioxide Co Ltd. has come to revive again and achieved profits in major business.
By PD Online staff member Deng Gang
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