Developing the Asian Markets PRC Experience

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Presentation transcript:

Developing the Asian Markets PRC Experience David Kidd Allen & Overy 11 November 2003 ALLEN & OVERY

PRC NPLs - the story so far AMCs (Cinda, Huarong, Great Wall, China Orient) established in 1999 1.4 trillion yuan (US$170 billion) transferred by ICBC, BOC, CCB and ABC To date 21.5% sold by AMCs “NPLs cloud Big Four banks” - 6.11.03 ALLEN & OVERY

Resolution issues Legal framework State ownership Real estate Restructuring culture ALLEN & OVERY

Legal framework 1986 Trial Bankruptcy Law 1991 Civil Procedure Law 2002 Supreme Court interpretation New law in 2004? GITIC landmark (cf GDE) Judiciary ALLEN & OVERY

State ownership PRC a socialist centrally planned economy Approval processes are slow Move towards private ownership and improved corporate governance Role of SOEs in employee welfare ALLEN & OVERY

Real Estate All land owned by state (urban) or collectives (rural) Allocated/Granted/Leased Security over tangibles Enforcement slow Employee rights ALLEN & OVERY

Restructuring experience GDE/FJE/ITICs/Zhu Kwan Government support after GITIC Inertia, indecision and limited local experience (but no dominant family interests) Must combine international experience with local knowledge through strong servicing vehicles ALLEN & OVERY

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