Deutsche Bank said it plans to spend US$1 billion in the next three to five years on non-performing loans and other distressed assets on the mainland. Deutsche and Morgan Stanley both won separate bids to buy NPLs with a face value of US$1.2 billion in June. The deal was struck at an asset recovery rate of 34.75%, the South China Morning Post reported. In related news, Citigroup said it was given priority to negotiate on the purchase of RMB 3 billion assets in Foshan, Guangdong province being auctioned by Great Wall Asset Management.
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