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Non-Performing Assets Transfer Tightened
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Chinese mainland financial institutions will have to get government approval to transfer the nation's non-performing assets to overseas investors, a move by regulators to curb risks of foreign debt.

 

Starting April 1, financial firms must apply to the National Development & Reform Commission, the nation's top planner, and the State Administration of Foreign Exchange for sour-debt transfers to foreign investors, the two agencies said in a joint notice yesterday.

 

They will vet such transactions and supervise the sector "based on the country's overall foreign-debt structure, the international balance of payment and the scale of domestic bad-loan market," the notice said.

 

Financial institutions should also report the transfers they plan to arrange next year to the NDRC by November 30, according to the notice.

 

The rules "are aimed at improving the efficiency of disposals of non-performing assets, preventing and reducing risks in foreign debt and prompting a healthy market development," the notice said.

 

Sales of non-performing loans to foreigners should be conducted via public tenders or auctions while information over such transfers must be publicized in provincial-level media, it said.

 

Overseas investors have to make a one-time payment for NPLs, the notice said. Foreigners are banned from buying bad debt that is owed or guaranteed by local governments or involves industries that will affect the nation's security, it said.

 

China's outstanding foreign debt hit US$304.98 billion as of September 30, an 8.52 percent jump from the same period a year before, SAFE said.

 

Rules were issued in October which require all projects by domestic firms that involve loans from foreign governments to gain approval from the NDRC and the Ministry of Finance.

 

(Shanghai Daily February 8, 2007)

 

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