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China's Largest AMC Successfully Handles Assets
The China Huarong Asset Management Corporation (HAMC), the largest AMC in China, announced Thursday that it has been successful so far in handling the non-performing assets acquired from the Industrial and Commercial Bank of China (ICBC).
Yang Kaisheng, president of the HAMC, said at the corporation's working conference that in the first half of this year, the company handled ledger assets valued at 6.22 billion yuan (about 759 million US dollars), recovering assets valued at 3.689 billion yuan, at a rate of 59.3 percent.
Yang said that of the recovered assets, cash accounted for 2. 308 billion yuan, 37.1 percent of the total assets handled.
In the first half of the year the HAMC made significant progress in asset restructuring by arranging restructuring plans for 54 equity asset projects, which involved assets valued at 3.62 billion yuan.
He said that the company has also started well at underwriting IPOs and asset securitization businesses, and its efforts to sell non-performing assets to overseas investors have been progressing smoothly.
The HAMC is one of the four AMCs established in 1999 to handle non-performing assets stripped off from State-owned commercial banks. The HAMC is in charge of handling about 400 billion yuan of non-performing assets acquired from the Industrial and Commercial Bank of China.
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