Cinda plans distressed asset sale
3 August 2004
China Cinda Asset Management Corp, which recently bought US$33.7 billion in bad loans from Bank of China and China Construction Bank, said it planned to sell RMB 10 billion in distressed assets soon. The company said it would be disposing of assets from businesses that operated in different industries, among them infrastructure, coal, electricity, power, forestry, commercial, chemistry, textiles machinery, metallurgy and real estate. Standard & Poor's recently purchased part of a tranche of bad debt from Cinda at 50% of face value.