China Economic ReviewNew push to sell off bad assets Huarong, the largest of the four asset management companies set up in 1999 to dispose of the bad debts of China's four big stateowned banks, is expected to hold an auction of non-performing loans later this year, the Financial Times said. The auction would be the second of […]
International banks' market share of foreign currency loans fell from 15 per cent in 2001 to 7.4 per cent in 2002. The figures were given in a paper compiled by European banks from statistics published by the People's Bank of China ahead of the China-EU summit meeting in October. A foreign banker told the Financial […]
Citigroup has won Chinese government approval for its purchase of a 4.62 per cent stake in Pudong Bank, according to the Chinese bank. The US financial services company will pay Yn600m to buy the stake in nontradable shares from Shanghai municipality and the purchase will make it the fourth largest shareholder in the bank. The […]
Sinopac Holdings of Taiwan is launching a local currency service in mainland China, the Financial Times reported. It is circumventing Taipei's ban on island banks operating in China by providing 'transpacific' accounts, whereby corporate clients can obtain yuan credit lines in China secured by US dollar deposits at its American subsidiary. The ban has meant […]
A group of multinational corporations held a meeting with Vice-Premier Wu Yi in September to push for better protection of their brands, South China Morning Post reported. The group, organised by the Quality Brands Protection Committee of the China Association of Enterprises with Foreign Investment, included Procter & Gamble, Johnson & Johnson, Dell Computer, Ericsson […]