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First Real Estate Asset Management Company Founded in Shanghai
China's first real estate asset management company has been set up in this east China's commercial center, to handle real estate assets among commercial banks' non-performing assets.
The company will acquire, manage and dispose of the housing assets and consequently reduce the inventories of the city's housing sector.
To help the overall development of the housing and banking industries, the Shanghai Real Estate Asset Management Company will assess the unsold housing assets and minimize the risk for its customers by sales, displacement, restructuring and debt-to-equity swaps, said a company source.
Statistics show that Shanghai's residential and commercial housing inventories have totaled over 12 million square meters since 1984, amounting to some 58 billion yuan (about 7 billion U.S. dollars) of bad assets.
Analysts here have expressed confidence that the asset management company will boost the growth of Shanghai's real estate market.
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