CHINA HUARONG APPOINTS E&Y AS ADVISER.CHINA HUARONG ASSET MANAGEMENT CO. (CHAMC), Beijing Beijing (bā-jĭng) or Peking (pē-kĭng, pā–), city (1994 est. urban pop. 6,093,300; 1994 est. total pop. 7,240,700), capital of the People's Republic of China. It is in central Hebei prov. , China, has announced it has appointed Ernst & Young (E&Y) as its exclusive financial adviser to bring to market a portfolio of nonperforming loans (NPLs) and assets in excess of US$3 billion. Huarong was formed in October 1999 by the State Council to purchase, manage and resolve NPLs of the Industrial and Commercial Bank (the largest of China's commercial banks). E&Y and CHAMC will work together to bring the first transaction of its kind to the China market in 2001, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the companies. E&Y expects to assist CHAMC to market NPLs through a bulk sale, a real estate portfolio sale, investment in state-owned enterprises (debt or equity) and an asset-servicing contract in conjunction with an international asset manager. CHAMC loans cover more than 20 major industries, including electronics, telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. , petrochemical petrochemical, any one of a large group of chemicals derived from a component of petroleum or natural gas. The cracking processes for manufacturing gasoline produce vast quantities of gaseous hydrocarbons. and real estate. |
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