Chinese NPL resolution

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).

Which Chinese NPL deals have you been involved in

Chao We first worked on the Huarong deal, which was the first and largest auction deal in which Morgan Stanley's consortium took the lion's share of NPLs. We closed that deal earlier this year. Then last week Morgan Stanley also signed the China Construction Bank deal, which we helped them with. It is also a landmark as it the first definitively signed NPL agreement between a foreign investor and a Chinese bank.

Has this been approved by the State Council yet

No. This is just the signing. It still has to go through the approval process.

Will...

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