BANKS, AUCTIONEERS TEAM UP FOR NON-PERFORMING ASSETS
AsiaInfo Services, August, 2002
AsiaInfo Services 08-26-2002 Banks, Auctioneers Team up for Non-Performing Assets CHINA, Aug 26, 2002 (AsiaPort via COMTEX) -- A branch bank in Shanghai has come to an agreement with two auctioneering firms to dispose of non-performing assets. Under the agreement, the Shanghai Auction Co.
Ltd and the Shanghai Huaxing Auction Ltd. will help the Bank of China's Shanghai Branch dispose of non-performing assets including land, real estate, machinery and stocks. The auctioneers will conduct a comprehensive evaluation of the assets and work out a detailed disposal plan for the bank's approval before the auction or liquidation takes place. The high proportion of non-performing assets has long haunted China's commercial banks, particularly the four leading state...
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