CITIGROUP BUYS CGWAMC'S CNY 2.3BN NPA
AsiaInfo Services, April, 2004
AsiaInfo Services 04-29-2004 Citigroup Buys CGWAMC's CNY 2.3bn NPA GUANGZHOU, Apr 29, 2004 (SinoCast via COMTEX) -- China Great Wall Asset Management Corporation (CGWAMC) has reached an agreement with Citigroup Financial Product Co., Ltd. in Guangzhou City, Guangdong Province. According to the agreement, CGWAMC will remise its over CNY 2.3billion non-performing financial claims (NPFC) in Huizhou and Shanwei to Citigroup, which will be the first time that China has remised its NPFC as a whole in these areas to foreign financial institution. Zhang Xiaosong, vice president of CGWAMC, says that the CNY 2.3billion non-performing financial claims involve more than 600 creditors in many industries, including real estate, machinery,chemical, commerce, building materials and...
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