China Orient Asset Management gets approval to issue bonds to resolve risks in property sector

SHANGHAI – China Orient Asset Management said on Friday it was approved to issue up to 10 billion yuan bonds in China’s interbank bond market to resolve risks in the property sector.

China Orient is one of China’s four big asset management companies (AMCs) that were originally set up to dispose of non-performing loans from major state banks.

China’s financial regulators met with the country’s major bad loan companies last month to study how such AMCs can participate in developers’ asset disposals.

(Reporting by Jason Xue and Andrew Galbraith; Editing by Shri Navaratnam)