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China

Construction bank dumps 3.9 billion in dud assets

BEIJING - The Construction Bank of China (CBC) had disposed of 32 billion yuan (US$3.9 billion) of non-performing assets of various kinds and drawn back 20.8 billion yuan ($2.5 billion) of assets by the end of September this year, sources of CBC disclosed.

Of the assets drawn back, 18.9 billion yuan were in cash, 8.8 billion yuan more than in the first half of this year. By the end of September, the amount of assets used to pay debt reached 13.1 billion yuan; and the amount of debt-paying assets disposed of grew 23% year on year. Meanwhile, the bank had disposed of 3 billion yuan worth of debt-equity assets.

(Asia Pulse/XIC)

Oct 29, 2004

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