China’s so-called bad banks are thriving as alternative lenders, evolving from bad-debt managers into some of the country’s largest financial conglomerates just as margins at the big state-owned banks come under pressure.
China’s four centrally controlled asset management companies (AMCs) were set up in 1999 to swallow toxic assets from banks, and have had their assets grow expansively over the past five years.
Assets at Cinda Asset Management Company, which reported earnings last week, rose 360 per cent to Rmb1.1tn ($160bn) between 2012 and 2016, a period in which it bought a Hong Kong-based bank for $8.7bn and collected a suite of financial licences for businesses such as securities broking, insurance, trusts, and leasing.
您已阅读20%（732字），剩余80%（2908字）包含更多重要信息，订阅以继续探索完整内容，并享受更多专属服务。