China's four biggest assets management corporations took over non-performing loans of 460 billion yuan (55.62 billion US dollars) from the Industrial and Commercial Bank of China (ICBC), the largest of its kind in China, Monday.

This public bidding started on Saturday and involved 35 packages of non-performing assets, which have been widely seen as "the biggest obstacle" for the ICBC to complete its financial reform before October.

With 17 packages in hand, the China Great Wall Assets Management Corporation was reported by Tuesday's Orient Morning News as the biggest winner. It is taking over creditor's rights of 200 billion yuan (241.84 billion US dollars).

The China Orient Assets Management Corporation ranked second with 10 packages of non-performing loans whose combined creditor's rights totaled 120 billion yuan (about 14.51 billion US dollars).

The China Huarong Assets Management Corporation received creditor's rights of 80 billion yuan (9.67 billion US dollars) in three separate packages.

None of them disclosed their bidding prices, said the article.

According to ICBC Governor Jiang Jianqing, the bank has planned to complete its joint stock reform by the end of this year and seek overseas listing in proper time.

Source: Xinhua