China approved opening of first national distressed-asset manager in more than 20 years amid rising bad loans

 

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China has approved the opening of the country's first national asset management company (AMC) in more than 20 years amid rising bad loans and toxic assets after the impact of the coronavirus pandemic.

China Galaxy Asset Management has been approved to start business, according to a statement released by the China Banking and Insurance Regulatory Commission (CBIRC) on Thursday.

The company, capitalised at 10 billion yuan ($1.5 billion), is China's fifth AMC to dispose of bad assets from the books of the country's state-owned commercial banks.

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