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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: RealMuLan who wrote (36736)	7/30/2003 11:39:35 AM
From: RealMuLan	Read Replies (1) of 74559

China Huarong plans another major bad asset sale Wed July 30, 2003 05:54 AM ET BEIJING, July 30 (Reuters) - China's Huarong Asset Management Corp said on Wednesday it was pooling bad assets with a book value of at least 13 billion yuan ($1.57 billion) for a major tender to international investors later this year. "We have made great deal of preparations in the first half to pave the way for kicking off the tender in the second half," a company spokesman told Reuters. "The size of the tender will not be less than that of the previous one, that is, no less than 13 billion yuan," he said. Last year, Huarong sold bad assets with a book value of 10.8 billion yuan to a consortium led by Morgan Stanley MWD.N and sold assets worth two billion yuan to an investment fund sponsored by Goldman Sachs GS.N through a tender. reuters.com

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