AMC reforms get the green light.

(From Business Daily Update)

Author: The State Council, China's cabinet, has given the green light to a scheme which could help the nation's four asset management companies (AMCs) speed up the recovery of their massive non-performing assets. The scheme sets specific targets on how much cash the AMCs should recover from the distressed assets transferred to them, and total expenditures allowed in their work, sources said. AMCs who recover more cash than the targets will be rewarded, or will have a reduction in their bonuses if they fail to meet them. Their costs are not allowed to exceed the targets, and it is "highly unlikely" for them to keep their costs below the targets carefully set by the Ministry of Finance, they said. …