China's four state-mandated bad loan receivers rid more than expected - report |
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Tue, 16 Jan 2007 03:59
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BEIJING (XFN-ASIA) - China's Cinda Asset Management, Huarong Asset Management, Great Wall Asset Management and Orient Asset Management have retrieved more cash than expected after disposing of impaired policy loans they took on from state-owned banks eight years ago, the South China Morning Post in a report.The four firms are mandated by the government as the state's bad loans clearing companiesAt the end of last year, the four had disposed of a total of 1.21 trln yuan worth of bad policy loans and recovered 211 bln yuan.The four firms saw a combined retrieval rate of 17.43 pct, or 28.6 bln yuan, more than the government's target.The asset management firms were established in 1999 to take on 1.4 trln yuan in bad loans from Bank of China, Industrial and Commercial Bank of China, China Construction Bank and Agricultural Bank of China.joshua.lipes@xinhuafinance.com
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