RMB 605bn NPL sell-off

Huarong Asset Management, Great Wall Asset Managementand China Cinda Asset Management sold nearly RMB 605bn (US$729.1m) in non-performing loans, the China Banking Regulatory Commission said. Since 1999, these asset management companies which state banks used to off-load their mountains of NPLs, have recouped nearly RMB 122bn selling bad loans, the commission said. In related news, the State Administration of Foreign Exchange said foreign buyers reselling their acquired NPL assets could now remit profits home, a rule change designed to hike interest in the market.