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Strategies & Market Trends : China Warehouse- More Than Crockery -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (691)	9/9/2003 3:50:32 PM
From: RealMuLan	Read Replies (1) \| Respond to of 6370

China Bank to Sell Off Bad Assets on Net Tue September 9, 2003 12:01 AM ET BEIJING (Reuters) - A Chinese bank saddled with bad assets with a book value of about $2.2 billion has turned to the Internet to try to get rid of them, the official Financial News reported Tuesday. China Construction Bank has set up a virtual market on its Web site (www.ccb.com.cn) to let potential investors view and buy the assets, which include hotels, villas, cars, machinery and even cell phones and jewelry seized from loan defaulters. "Big commercial banks have to find ways to dispose of the assets in their hands as soon as possible because, after all, they are not department stores," the newspaper said. China Construction, Bank of China, Industrial and Commercial Bank of China and Agricultural Bank of China, the country's Big Four state banks, are all tackling mountains of bad loans. They are racing to reform for eventual stock listings ahead of 2006 when they are to face full-blown competition from foreign banks as China opens the sector in line with World Trade Organization promises. asia.reuters.com