Chinese Corporation Lessens Non-performing Assets

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Last updated at: (Beijing Time) Monday, January 20, 2003

Chinese Corporation Lessens Non-performing Assets

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The Oriental Asset Management Corporation (OAMC), one of China's four state-owned asset management corporations, claimed here Monday a handling of non-performing assets worth 22.1 billion yuan (2.76 billion US dollars) in 2002.

Bai Shizhen, president of the OAMC, said the corporation recovered 5.57 billion yuan of non-performing assets in cash, up 26.08 percent from the previous year, and an amount equal to the total of what the OAMC had recovered in 2001 and 2000.

According to statistics released by the OAMC, the corporation has handled a total of 45.4 billion yuan worth of non-performing assets since its establishment in 1999.

In an annual business meeting, Bai said the OAMC intends to transform itself from a one-fold asset management corporation to acomprehensive financial institution that is "more like an investment bank".

Bai also noted the "proper and effective" utilization of the financial market at home and abroad.

With the assistance of foreign capital, the OAMC initiated several asset handling projects in 2002 which brought a total of 1.8 billion yuan worth of cash recovery in northeastern China's Harbin and Changchun cities.

The OAMC is responsible for handling the non-performing assets from the Bank of China.

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