China Construction Bank announced that it sold US$169 million in assets to Morgan Stanley and Deutsche Bank. The sale is the largest of its kind during China's drive to prepare domestic banks for foreign competition by late 2006, when the banking sector will be opened under China's World Trade Organization commitments. Ernst & Young, CCB's financial advisor, said that the two banks paid about 34% of the assetsï¿½ face value. The assets include a 31-story office building and a 42,300 square meter commercial building. Analysts said the sale was likely to be followed by similar auctions of assets by cash-strapped state banks.
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