?
Based on the huge amount of non-performing assets left by several major commercial banks in China since 1980s, the State Council decided to set up a financial asset management company at the end of last century to purchase the non-performing loans of wholly state-owned commercial banks, and manage and dispose the assets formed by purchasing the non-performing loans of wholly state-owned commercial banks in China. This financial asset management company is a wholly state-owned non-bank financial institution. Financial asset management companies aim at preserving state-owned assets to the maximum extent and reducing state losses, and independently bear civil liabilities according to law.
?
Total * * * established four asset management companies, namely China Huarong Asset Management Company, China Oriental Asset Management Company, China Great Wall Asset Management Company and China Cinda Asset Management Company, to receive non-performing assets stripped from China Industrial and Commercial Bank, China Bank, China Agricultural Bank and China Construction Bank. Among them, China Cinda Asset Management Company was established in April of 1999, and the other three companies were established in June of 1999+00.
Since 2007, the four major financial asset management companies have begun to operate commercially, but they are no longer limited to buying the non-performing assets of the above banks. 20 10, "Guo Xin Asset Management Company" was officially approved by the State Council. At the same time, the State Council approved the reform plans of the original four financial asset management companies, and Yin Ji Asset Management Company came into being. 20 10 China financial asset management company reform.
The divestiture of non-performing assets has solved the huge amount of non-performing assets left by several major commercial banks in China since the 1980s (including trillions of loans that are difficult to recover) and distributed them to several asset management companies (Huarong, Cinda, Dongfang, Great Wall, etc.). ) specially set up for this purpose, the latter will take it back for auction and try to recover losses for state property as much as possible.
?
China has divested its banks of non-performing assets three times:
1999, the state divested the non-performing assets of the four major commercial banks in China (Industrial and Commercial Bank of China, Bank of China, Agricultural Bank of China and China Development Bank) from nearly 1.4 trillion yuan to four AMCs by book value acquisition for the first time. By the end of the third quarter of 2005, the above four asset management companies had disposed of 736.66 billion yuan of non-performing assets stripped for the first time, with a disposal progress of 587.438 0%.
The second time was May 22, 2004. Bank of China and China Construction Bank divested non-performing assets for the second time. The biggest feature of this divestiture is that some assets are no longer transferred at book value, but a suitable price ratio is directly given by the Ministry of Finance. Then China Bank and China Construction Bank stripped off 278.7 billion yuan of suspicious loans and packaged them for sale as a whole, and Cinda Company won the bid in the primary market; Loss loans of 65.438+0424 billion yuan from China Bank, 56.9 billion yuan from China Construction Bank and 64 billion yuan from Bank of Communications were entrusted to Dongfang Company and Cinda Company for disposal.
The third time was the divestiture of non-performing assets in 2005. Among them, ICBC's 450 billion yuan suspicious loan is divided into 35 asset packages, which are sold according to the principle of package-by-package quotation, of which Huarong Company won the bid of 22.6 billion yuan, Cinda Company won the bid of 58 billion yuan, Great Wall Company won the bid of 256.9 billion yuan, and Dongfang Company won the bid of 65.438+02/kloc-0.2 billion yuan; ICBC's loss-making loan of 246 billion yuan was entrusted to Huarong Company for disposal.