China's most innovative and dynamic asset management company AMC Huarong AMC HAMC will hold an auction of around $1 billion non-performing loans NPL formerly belonging to China's biggest bank, the state-owned Industrial and Commercial Bank of China ICBC. The landmark deal will take place in the third quarter of this year, according to a Huarong official and will be aimed at both international and domestic investors.
To date, Huarong is the only Chinese AMC to conduct an international auction and the official says he hopes prices will be higher than two previous Huarong sales, since he believes there has been a progressive reduction in the risk premium attached to the NPL recovery...
