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Non-Performing Assets Showcased to Domestic Investors
The China Huarong Asset Management Corporation (Huarong) held a special roadshow Wednesday to showcase the non-performing assets that have been selected for international auction to domestic investors.
Huarong President Yang Kaisheng introduced to the investors the general conditions of the non-performing assets, bidding procedures and related laws and policies.
He said that the auction is the first of its kind in China for wholesale non-performing financial assets in accordance with international practices, and both overseas and domestic investors enjoy the right to participate in the bidding.
In June this year, Huarong went on successful international roadshows in Britain and the United States, and a number of famous investment banks and funds have expressed the intention of entering a bid.
He said that so far 12 international investment institutions have signed "qualification statements and letters of security" with Huarong, and have all paid fees for detailed investigation.
Some 30 domestic investors participated in today's roadshow, and Huarong has opened its reference room to investors for detailed investigation.
According to the bidding announcement published earlier by Huarong, the assets up for auction comprise material assets, liability rights for loans and guarantee-related rights and interests, involving a total book value of 14.9 billion yuan ( about 1.8 billion US dollars) and 331 enterprises.
These assets are distributed in properties, construction materials, metallurgy, textiles, electronics, commerce, chemicals, transportation, materials distribution, pharmaceutics, machinery and catering sectors.
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