China Economic ReviewChina Construction Bank made a record operating profit of Yn34.3bn in 2002, with a domestic operating profit of Yn34.26bn, 16 per cent more than in the previous year, Xinhua reported. The bank used Yn30.1bn to write off bad debts, Yn5.6bn more than in 2001, to leave a gross profit of Yn4.16bn. Deposits rose by Yn338.1bn […]
China Minsheng Banking Corp, the country's third largest publicly traded lender, announced 2002 profits 45 per cent higher than in 2001. Revenue rose by 41 per cent over the period to Yn7.2bn, while deposits increased by 74 per cent and lending by 90 per cent. However, the bank's profit margin fell to 16.9 per cent […]
Bank of East Asia, Hong Kong's fourth largest bank, plans to expand its operations in mainland China to counter a slump in its home market. Chairman David Li told Bloomberg that the bank would upgrade its office in Beijing to branch status and would also upgrade its outlet in Chengdu, Sichuan province. Its insurance unit […]
China's four asset management companies cleared Yn132.7bn in bad assets in 2002, Yn10.6bn more than in 2001, according to statistics compiled by the People's Bank of China and quoted by Business Weekly. The firms were set up by the government in 1999 to take over nearly Yn1,400bn in bad loans from the big four state-owned […]
The full tax implications of the recent opening up of China's securities market to foreign investors are unclear and are likely to be overlooked. As China opens its US$500bn A-share market to foreign capital, nearly 1,200 A-shares, which were previously reserved for domestic investors, are now available to foreign investors through the qualified foreign institutional […]