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CHINA CONSTRUCTION BANK TO AUCTION US$963 MLN IN DEBT ASSETS.
AsiaPulse News, September, 2002
BEIJING, Sept 19 Asia Pulse - The China Construction Bank (CCB), together with China Cinda Asset Management Corp, is scheduled to hold an auction to sell eight billion yuan (US$963 million) worth of repossed assets.
The auction is expected to be held from October 28 to November 3. It will be the first time in China that a state-owned commercial bank will join with an asset management company to deal with bad assets, China Daily quoted a bank spokesman as saying.
Some of the bad assets, which included firms who could not afford to pay for cars or real estate they had purchased, will be sold to domestic and foreign investors during the auction week, the spokesman said.
In June, China Construction Bank, a state-owned firm, launched its first such...
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