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Goldman Sachs buys China bad loans

Goldman Sachs buys China bad loans

(China) - US investment group Goldman Sachs has agreed to buy nearly US$970 million in distressed assets from China Great Wall Asset Management. Great Wall is one of four Government asset management companies set up in 1999 to help China's largest state owned banks dispose of their bad loans, which some estimate at more than US$450 billion, or half China's annual economic output.

The four AMC's have taken over almost US$170 billion in bad loans over the past three years.

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