Jun 01, 2015 05:09 PM

Cinda, Alibaba Agree to Auction Off Bad Debt via Taobao

(Hangzhou) – China Cinda Asset Management Co. Ltd. said on May 28 it had reached an agreement with Alibaba Group Holding Ltd. to auction 4 billion yuan worth of non-performing assets on the shopping site Taobao starting from June 20.

Cinda is one of four asset management companies (AMCs) established in 1999 to take over bad loans from big state-owned banks.

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