New push to sell off bad assets

New 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 its kind. In the first, Huarong disposed of assets with a face value of Yn12.77bn for between 8 and 9 per cent of their face value.