Xinda company to auction bad loan-related assets
( 2003-10-22 23:32) (Xinhua)
China Xinda Assets Management Company announced Wednesday it will auction off
non- performing loan-related assets worth 10 billion yuan (120 million US
dollars) next month.
Xinda is responsible for handling the bad loans of the China Construction
Bank (CCB), one of China's four state-owned commercial banks. In the late 1990s,
China moved to deal with non- performing loans of these major banks by
establishing four assets management companies.
Auctions of a total of 40 lots, including land plots, will be held in
Shenzhen and Foshan cities, Guangdong Province, south China, the company
announced here Wednesday.
Several auction companies will be involved in the auctions, so as to make it
more successful and efficient, company sources said.
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