Man­age­ment corp sets up three funds

China Daily (USA) - - BUSINESS -

China Great Wall As­set Man­age­ment Corp an­nounced on Thurs­day it has set up three funds, each worth 10 bil­lion yuan ($1.46 bil­lion), fo­cus­ing re­spec­tively on the ac­qui­si­tion, dis­posal and re­struc­tur­ing of non­per­form­ing as­sets as well as ca­pac­ity re­duc­tion in the hous­ing mar­ket. Based on the three funds, the AMC is plan­ning to form 100 sub­sidiary funds to­tal­ing 300 bil­lion yuan in the next three years to sup­port China’s eco­nomic re­struc­tur­ing, in­dus­trial up­grad­ing and the re­solv­ing of fi­nan­cial risks.

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