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CHINA HUARONG APPOINTS E&Y AS ADVISER.

CHINA HUARONG ASSET MANAGEMENT CO. (CHAMC), Beijing, 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 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, petrochemical and real estate.
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Title Annotation:China Huarong Asset Management Co., Ernst and Young
Publication:Mortgage Banking
Article Type:Brief Article
Geographic Code:1USA
Date:May 1, 2001
Words:144
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