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China opens assets pool to overseas investors
2002-02-17
Xinhua
A state-owned asset management company has opened nearly 11 billion yuan (US$1.34 billion) worth of non-performing assets from its newly-established "assets pool" to overseas investors.
The China Great Wall Asset Management Corporation (CGWAMC) said recently the huge amount of assets, involving 167 projects, is the first batch available to investors at home and abroad.
Wang Xingyi, president of the company, said the projects cover 20 sectors, such as real estate, pharmaceutical manufacturing, building materials, textile, mining, paper-making and power.
Non-performing assets of 63 real estate projects will be open to investors.
Wang said additional information on those assets is available at the company's website.
The Chinese government set up four asset management companies in 1999 -- Cinda, Huarong, the Great Wall, and Oriental. They handle the non-performing assets bought from the four big state-owned commercial banks and the State Development Bank.
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