China’s four asset management firms resolved Yn124.5bn in bad debts in 2001, Financial News said. The four firms were set up in 1999 to reduce the burden of bad debts from the books of China’s four large stateowned commercial banks and have taken non-performing loans worth more than Yn1,400bn from their books.
In a separate report, Xinhua said that one of the four firms, Oriental Asset Management Corp, had dealt with bad assets of Yn23.36bn by the end of 2001, recovering Yn14.97bn for a recovery rate of around 64 per cent. In 2001 alone, Oriental handled bad assets valued at Yn18.29bn and recovered Yn8.51bn for a rate of only 46.5 per cent.
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