China Construction Bank plans to sell shares valued at 50 billion yuan (US$6 billion) this year in companies that had owed overdue loans to the bank, the Beijing Times reported.

Citing CCB officials, the report said the bank has set up a special work group to arrange the sale.

Though the bank hasn't taken any effective moves for the sale, CCB is set to chop the bad assets in preparation for its overseas listing, according to the officials.

Last year, CCB managed to recover 5 billion yuan in cash by selling off its shares in some key state-owned enterprises through assets rearrangement, share transfer and stake redemption.

(Eastday.com March 23, 2004)