Four AMCs dispose of over 1169.2 bln yuan in non-performing banking assets

China's four asset management companies (AMCs) had either written off or recovered from banks 1169.2 billion yuan (146 billion U.S. dollars) of non-performing assets, 83.5 percent of the total, by the end of June this year.

Great Wall and Huarong, two of the four AMCs, said on their websites that 187 billion yuan, or 16 percent of the total, were recovered in cash.

The AMCs - Huarong, Cinda, Orient and Great Wall - still have to deal with 230.8 billion yuan worth of non-performing assets before the end of this year to meet the government deadline.

The AMCs were set up in 1999 to manage 1400 billion yuan of bad assets transferred from China's Big Four state banks, the product of reckless loans to state-owned enterprises over many years.

Source: Xinhua