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CHAMC Recovers 42 Percent Non-performing Assets
China Huarong Asset Management Corporation (CHAMC) announced Tuesday that it had disposed of 7.86 billion yuan non-performing assets (NPAs) by the end of last year, with 42 percent being recovered.
A spokesman with the largest asset management corporation in China said that the company retrieved 3.28 billion yuan of the NPAs by December, including 2.06 billion yuan in cash.
Huarong, a wholly state-owned financial company, was established last year to acquire and manage the 506 billion yuan NPAs stripped from the Industrial and Commercial Bank of China.
Since then, the company has carried out a feasibility evaluation of debt-to-equity swap plan for some 496 enterprises, 333 of which held Huarong as the leading creditor.
Among the 333 enterprises, 312 had been approved by the State Council to carry out debt-to-equity swaps and 21 of them had completed the process and established new companies, the spokesmansaid.
Huarong plans to manage the NPAs on a larger scale this year and will do its best to recover state assets.
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