Silver Grant to buy bad loans

Silver Grant International Industries, the Chinese bad loan specialist, has agreed to buy US$67.4 million worth of China's non-performing loans to expand its loan base, Reuters reported. Silver Grant, which is controlled by China Cinda, one of China's four asset management agencies set up to help dispose of bad loans from the country's major commercial banks, has proposed to sell 50% of the NPLs to its strategic investor Citigroup for US$33.7 million.