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China urges foreign financial assets firms in Hong Kong to form joint ventures.
Text of report in English by official Chinese news agency Xinhua (New China News Agency)
Hong Kong, 8 December: China's Ministry of Finance has called on foreign financial assets management companies in Hong Kong to form joint ventures with local companies to reorganize bad debts into profit-making assets.
The ministry's Financial Department Deputy Director-General Sun Xiaoxia said "A considerable portion of these assets has great value-added potential and would be suitable to have them presented to domestic or overseas strategic investors with different endowments that can take part in reorganizing and reinvesting them for benefits of many."
Sun …
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