China’s largest financial asset exchange is increasing sales of bad debt to overseas investors in the country’s latest attempt to find new buyers for its expanding pool of non-performing loans.
The Rmb1tn ($147bn) market, called the Qianhai Financial Assets Exchange, was launched by the Shenzhen government in 2011 and bought out by Ping An Group in 2015. Last year it became the first exchange to begin selling bad debt directly to overseas buyers.
Its deputy general manager Zhan Yuhong said he expects the volume of foreign sales to double this year compared with 2017 to more than Rmb10bn.
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