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In Asia, China trails only Japan in the number of loans it has cleared up, according to Ernst and Young

Howard Chao, managing partner at international law firm O''Melveny & Myers, discusses the latest twists and turns in China''s efforts to sell of its non-performing loans (NPLs).

The non-performing loans of Chinese banks has been nagging at the back of investors'' minds for months. But the establishment of the asset management companies brings in asset recovery professionals for the first time in China''s recent history.