Now Chinese AMCs get into fund JVs

Instead of liquidating a bad asset, Cinda goes into business with foreign partner First State.

In 1999, China established four asset management companies AMCs to clean up non-performing loans at the big state-owned banks. In a new twist, one of them, China Cinda Asset Management, is stretching the notion of disposing dud assets.

One of its charges was Hantang Securities, a mid-sized securities house in Shenzhen that was put into Cinda's custody in September, 2004 after it lost huge sums speculating in the bond market. Among Hantang's clients was PICC...

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