China's four state-owned asset management corporations handled non-performing assets (NPA) totaling 509.37 billion yuan (about US$61.4 billion) by the end of 2003, said the China Banking Regulatory Commission in Beijing on Sunday.

 

The four corporations -- the Huarong, Oriental, Cinda and Great Wall, have recovered in cash bad assets worth 99.41 billion yuan so far, according to statistics from the China Banking Regulatory Commission.

 

The Huarong company has handled NPAs worth 136.04 billion yuan with cash of 29.37 billion yuan recovered, the Great Wall company handled NPAs worth 165.24 billion yuan with 15.8-billion-yuan cash recovered, the Oriental handled NPAs worth 86.65 billion yuan with16.45-billion-yuan cash recovered, and the Cinda handled NPAs worth 121.43 billion yuan with 37.79-billion-yuan cash recovered.

 

China set up the four asset management companies in 1999, which were responsible for handling the NPAs bought from the four big state-owned commercial banks and the State Development Bank.

 

(Xinhua News Agency January 19, 2004)