CHAMC Purchase Guangxi Bearing Plant

Resource from: cbcc Likes:2969

Dec 23,2004

China Huarong Asset Management Corp. has purchased Guangxi Beaing Plant by just RMB 20 million. Guangxi Beaing Plant is a state-owned enterprise. The raw material they used was from Daye, the famous base of steel in China, so their products was highly appreciated for high quality. In Iran's inviting public bidding, Guangxi Bearing Plant defeated manufacturer from Japan and won the bidding. Authorized by the State Council, China Huarong Asset Management Corporation was founded on October 19, 1999 in Beijing. The company is a wholly state owned financial institution with independent legal status. The registered capital amounts to RMB 10 billion. The major role of the Company is to purchase, manage and dispose of NPLs acquired from financial institutions. The Company's operational goal is to preserve the asset value and maximize the recovery value. China Huarong Asset Management Corp.(CHAMC)

Guangxi Beaing Plant

(cbcc)

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