Red chip Silver Grant International Industries will reportedly pay RMB 853 million to buy non-performing assets with a face value of RMB 56.9 billion from China Cinda Asset Management Corp, the government asset manager created to take over China Construction Bank's NPLs. The price, which comes to only 1.5% of face value, had analysts doubting the quality of the assets, said to be uncollateralized and undocumented, and wondering how a sale of this size was not put to public auction.
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