Foreigners buy China bad debt assets


BEIJING: Consortiums led by Morgan Stanley and Deutsche Bank have bought bad assets with a face value of around US$483mil from China Construction Bank, in the latest move by banks to clean up their balance sheets ahead of listings. 

China Construction Bank (CCB) would receive US$171mil in the first bulk sale by a Chinese bank of settled assets (collateral that once backed bad debts), financial adviser Ernst & Young said yesterday. 

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