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 | Thursday, April 13, 2000, updated at 08:59(GMT+8) | ||||||||||||
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China's Largest AMC Opens Regional OfficesChina Huarong Asset Management Corporation (AMC) on April 11 officially opened regional offices in Zhengzhou, Chengdu, and Changchun, marking the launching of business nationwide by the country's largest AMC.Founded in October last year, the Huarong AMC is a wholly state- owned financial enterprise designed to purchase and manage the non- performing assets stripped from the Industrial and Commercial Bank of China. President of Huarong AMC Yang Kaisheng said that in order to meet business demands and with ratification from the People's Bank of China, the corporation will set up 30 offices in various provinces, municipalities, and autonomous regions, and that the remaining 27 will be opened very soon. He said the corporation has already made significant progress in the purchasing of non-performing assets and the debt-to-equity swapping. When the 30 offices are in full operation, the corporation will handle non-performing loans and collateral, and provide comprehensive management consultation services for acquisitions and mergers, asset and debt reorganization, and the listings on stock markets. He said that to date the corporation has signed debt-to-equity swap agreements with more than 40 state-owned enterprises involving a total value of over 30 billion yuan.
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