CCB SELLS NON-PERFORMING ASSETS TO MORGAN STANLEY
AsiaInfo Services, July, 2002
00-00-0000 CCB Sells Non-Performing Assets to Morgan Stanley
CHINA, Jul 10, 2002 (AsiaPort via COMTEX) -- A spokesman of China Construction Bank said last Friday that CCB was negotiating with Morgan Stanley on sales of USD 4 billions non-performing assets.
This transaction must achieve approval from Chinese State Council. If it was done, it would be the first case of selling non-performing assets to foreign companies.
Spokesman Zhang Huaqing of Special Asset Resolution Department of CCB said that they were still in the process of negotiation with MWD. Yang Xiaoyang of Asset Preservation Department of CCB said that they expected the transaction would be approved within 2002. He also said that CCB was thinking of establishing an assets management JV...
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