Great Wall company to dispose 266-billion-yuan non-performing assets

The Great Wall Assets Management Corporation has started a disposal of 266 billion yuan (32.8 billion US dollars) in non-performing assets taken over during the first half of this year.

President Wang Xingyi said Thursday that a total of 6 billion yuan (739.83 million US dollars) in cash will be collected in the second half of the year, with the remaining principal and interest to be collected by June 2010.

Wang said that these assets include 17 packages of non-performing assets worth 257 billion yuan (31.69 million dollars) from the Industrial and Commercial Bank, and seven packages of non-performing assets worth 9 million yuan (1.11 million dollars) from the Bank of China.

"It will be our premier task in the long term to dispose of these non-performing assets. We've set clear-cut objectives to speed up the process so that as much cash as possible will be taken back," Wang said.

Source: Xinhua