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"They are setting up the pieces of the jigsaw for the financial system to be much less state dependent and more market driven," Tai Hui, chief market strategist Asia at JP Morgan Asset Management, said.
"The objective here seems to spread the bad debt burden a bit wider Nike Shoes Hd Photos
Growth in new bank lending fell sharply in July, down to 385.2 billion yuan from June 1.08 trillion yuan. That is a sign that bankers are increasingly wary of lending to risky companies, despite a combination of spending moves in April designed to rev up China economic engine.
London, said. "Taking up of bad debts by AMCs would free up the financial institutions to lend into the real economy."
China bank cleanup is gaining momentum.
"These are defensive measures in case there is a sudden change in the economy and you see a big spike in" non performing loans, according to Nicholas Yeo, Nike Shoes Pink And Blue head of China and Hong Kong equities at Aberdeen Asset Management.
Also in the pipeline are deals valued at tens of billions of dollars via preferred share sales, an instrument permitted for banks by the regulator only beginning in April that lets issuers raise equity without diluting voting control.
raising the same amount through similar sales earlier this month.
The five asset management companies will be in eastern and southern China, two areas that house some of the most debt laden provinces. Zhejiang province, close to Shanghai on the eastern coast, for example, had 120 billion yuan of nonperforming loans at the end of 2013, says BNP Paribas, or around a fifth of the national total.
For China top lenders, getting help from bad banks is nothing new. The four biggest banks offloaded $US210bn of bad loans to bad banks in the 1990s before raising a total of $US64bn in initial public offerings in the mid to late 2000s.
On Friday, two of the four biggest lenders, China Construction Bank Corp and Agricultural Bank of China Ltd, sold a combined 50 billion yuan ($8.7bn) of debt to beef up capital. That follows the two other top banks, Industrial Commercial Bank of China Ltd and Bank of China Ltd, Nike Shoes Blue And Purple
Beijing pushes major bank cleanup
This month, the country four largest state owned lenders have started raising a planned $US73 billion ($78.3bn) in debt and equity to beef up reserves. That tally is expected to jump to more than $US300bn in the next five years, according to the banking regulator. The fundraising, along with a number of so called bad banks being set up by provinces, is aimed at clearing up the pile of non performing loans sitting on the banks books.
In addition, China has given the green light to five local governments to set up asset management companies, or so called bad banks, that will buy nonperforming loans from local lenders, helping them to clean up their balance sheets. They join four other bad banks, including China Cinda Asset Management Co, set up in the late 1990s that have also been raising capital this year.
It is one of most determined efforts ever by Beijing to restore health to the financial system, which is straining from a credit binge in recent years. Pushing banks to bolster their cash cushions will not only better protect them from deteriorating loans but could also help reopen the lending spigot and boost economic growth.
and also over a longish time period," Gary Greenberg, head of emerging markets at Hermes Fund Managers in Nike Shoes Green And Yellow
This time the amounts raised are higher because the economy has grown at a fast clip. The push comes as investors are especially skeptical toward China financial health. For much of the year, lenders have traded below book value, a common valuation measure. Analysts say that is a red flag showing that investors believe lenders have more bad debt than they are letting on.
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