May 30, 2013 02:35 PM

In a First, Jiangsu Tests the AMC Waters

By staff reporters Li Xiaoxiao and Tian Lin

(Beijing) -- The quiet launch of Jiangsu Asset Management Co. marks the start of the first local government-backed asset management company (AMC) to dispose of local banks' non-performing loans.

Headquartered in Wuxi, Jiangsu Province, Jiangsu AMC has registered capital of 5 billion yuan. Its controlling shareholder is the city government's investment vehicle, Wuxi Guolian Development (Group) Co.

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