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.