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China's four state-owned asset management corporations (AMCs) have shown high efficiency in handling non-performing assets, the People's Bank of China (PBOC) reported Wednesday.
By the end of 2002, the AMCs handled a total of 301.442 billion yuan (US$36.45 billion) of non-performing assets, according to the report.
The four corporations recovered assets valued at 101.318 billion yuan, of which 67.482 billion yuan was in cash, realizing an asset recovery rate and a cash rate of 33.61 percent and 22.39 percent respectively.
The four AMCs adopted a series of measures to handle the non-performing assets, including public bidding, contracted transference, legal action, international auction and bankruptcy clearing.
In 2002 the AMCs handled non-performing assets of 132.725 billion yuan, increasing 10.618 billion yuan or 8.7 percent over 2001 and recovered cash of 31.75 billion yuan, up 25.43 percent.
(Xinhua News Agency January 23, 2003)
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