CHINA: HUARONG TAKES ON RMB 100-BN ASSETS
Article Abstract:
In China, Huarong Asset Management Corporation (AMC), commonly known as Huarong, revealed that it is at present handling more than RMB 100-bn (HK$ 92.7 bn) worth of non-performing assets. Being the biggest AMC in China, Huarong has taken over RMB 506-bn worth of non-performing assets by end-September 2000 from over 70,000 enterprises. Of the assets, 68% come from state-owned firms. To date, some RMB 3.4-bn bad debts have been successfully sold by the firm, redeeming RMB 400-mn of assets and RMB 1-bn of cash. The firm currently holds majority stakes in 119 enterprises through swapping debt with equity. In year 2001, Huarong will be placing several firms it acquired from the commercial banking industry in the equity market. Huarong also manages the non-performing assets of Industrial and Commercial Bank of China
Publication Name: Daily Herald (Arlington Heights, IL)
Subject: News, opinion and commentary
ISSN:
Year: 2000
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HONG KONG: ANSON QUITS HER CHIEF SECRETARY POST
Article Abstract:
Market rumour said the Chief Secretary, Ms. Anson Chan Fang On-sang, had resigned from her 40-year civil duty yesterday, one and a half year earlier than expected. No news has been confirmed by the government or the Chief Secretary. However, rumours said the existing Chief Financial Secretary, Mr. Donald Tsang Yam-kuen, would succeed Anson Chan to be the next Chief Secretary. Anson Chan is supposed to retire in mid 2002. Her departure now has sparked many speculations including her joining the private business sector, running for the next Chief Executive post in 2002, disagreement with the Chief Executive Mr. Tung Chee-hwa, or retiring for the benefit of her own health.
Publication Name: Daily Herald (Arlington Heights, IL)
Subject: News, opinion and commentary
ISSN:
Year: 2001
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