Core Viewpoint - The sale of "low-efficiency" assets by Guangzhou Rural Commercial Bank for a premium price has raised eyebrows in the banking industry, highlighting the complexities of asset classification and valuation [1][2][6]. Group 1: Asset Sale Details - Guangzhou Rural Commercial Bank sold a "low-efficiency" asset package with a book value of approximately 12.133 billion yuan, receiving 30% (3.675 billion yuan) in cash upfront, with the remaining 70% (8.575 billion yuan) to be paid over nine years [1]. - The buyer, Guangzhou Asset Management Co., will pay a total of 12.25 billion yuan, which is 117 million yuan higher than the book value of the asset package [1][2]. Group 2: Asset Classification and Valuation - The asset package consists of loans with annual interest rates ranging from 2.49% to 8.33%, indicating a wide range of pricing that includes low, medium, and high levels [2]. - The classification of "low-efficiency" assets is questioned, as only 20% of the loans are overdue, and a significant portion of the assets may not be classified as non-performing [3][5]. - The total debt amount corresponding to the sold asset package is 18.928 billion yuan, composed of approximately 14.978 billion yuan in principal and 3.897 billion yuan in interest [4]. Group 3: Implications for Buyers and Sellers - For Guangzhou Asset Management, profitability depends on recovering more than the total cost paid (12.25 billion yuan plus operational costs), which carries significant uncertainty [6]. - For Guangzhou Rural Commercial Bank, the sale helps reduce non-performing loans and improve capital adequacy ratios, but it also involves relinquishing future recovery potential and may mask underlying asset quality issues [6].
观察?|?头部农商行溢价出售“低效益”资产，内行为何直呼“内行”？