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CHINA PRESS: AMCs Allowed To Expand Acquisition Of Distressed Assets

CHINA PRESS
EM BulletAPACChinaEmerging Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets

Asset-management companies are now allowed to acquire restructured and credit-impaired assets from financial and non-financial institutions, which will support local governments to resolve debt risks, Yicai.com reported, citing a National Financial Regulatory Administration announcement. The move helps banks revitalise non-performing loans and release additional credit resources to support key national policies, with the scale of non-performing loans listed for transfer at about CNY162.7 billion in the first three quarters, a rise of 103% y/y, the newspaper said.

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Asset-management companies are now allowed to acquire restructured and credit-impaired assets from financial and non-financial institutions, which will support local governments to resolve debt risks, Yicai.com reported, citing a National Financial Regulatory Administration announcement. The move helps banks revitalise non-performing loans and release additional credit resources to support key national policies, with the scale of non-performing loans listed for transfer at about CNY162.7 billion in the first three quarters, a rise of 103% y/y, the newspaper said.