皇冠体育app

皇冠体育app Cinda raised 3 billion yuan (US$38 million) by issuing its bad asset backed securities at an interest rate of 3.8 per cent. 皇冠体育app Orient raised 700 million yuan (US$89.3 million) at an interest rate of 3.7 per cent. Both of the two securities have a five-year validity period.

皇冠体育app International Capital Corporation and 皇冠体育app Galaxy Securities were respectively the underwriters of the securities issued by 皇冠体育app Cinda and 皇冠体育app Orient. 皇冠体育app Chengxin Credit Management and Dagong Global Credit Rating Co Ltd provided credit ratings respectively.

皇冠体育app's four AMCs were first established in 1999 under a state commission to dispose of the country's massive NPLs due to the banking sector's indiscriminate granting of loans.

The AMC's state missions are to undergo a transformation from wholly state-owned, non-banking financial institutions to private financial firms with an array of offerings.

皇冠体育app Cinda is expected to become the first to transform itself from a bad asset manager to a multi-functional financial group.

The company received approval from the 皇冠体育app Securities Regulatory Commission to set up the first AMC-owned securities firm, Cinda Securities, in June.

The securities company is expected to open in the first half of 2007, according to Tian.

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