近年来，五大全国性金融资产管理公司积极介入问题企业救助，成功落地了一大批项目，帮助问题 企业实现脱困。当下，为防止潜在风险传染集聚，金融资产管理公司将业务范围进一步扩展到纾困问题 企业这一更宽广领域是必然之举。 金融资产管理公司作为逆周期调节与资源再配置的专业机构，在存量领域可以有效发挥功能作用， 为企业提供定制化纾困方案，畅通经济良性循环。 回顾金融资产管理公司几十年在不良资产领域的探索，金融资产管理公司已经在问题企业纾困领域 积累了较为丰富的经验，形成了较为成熟的业务模式，成功落地了很多项目。 综合来看，金融资产管理公司主要围绕产业转型升级、行业并购重组、企业结构调整中的纾困需 求，以不良资产收购处置、市场化债转股和实质性重组为主要手段，积极探索开展问题企业纾困。 具体来看，针对问题企业重组重整和行业龙头企业产能扩张需求，金融资产管理公司充分发挥金融 机构赋能产业转型发展、促进资源优化配置的作用，通过不良债权收购、债转股、股权投资、企业重组 等方式对标的资产进行清理整合与孵化培育，既可以帮助问题企业摆脱经营困境、重获新生，也可以帮 助龙头企业通过行业并购实现规模经济效益。例如，中国长城资产立足自身经营基础 ...

我国地方资产管理公司（以下简称"AMC"）近日迎来监管新规，行业迈向更加规范、可持续发展 的新阶段。 近年来，地方AMC作为专业的不良资产经营处置机构，在服务实体经济、改革化险等方面发挥了 重要作用，但也出现了一些高风险甚至违规行为，如偏离主业、违规跨区域经营、帮助金融机构虚假出 表等乱象。金融监管总局近日发布《地方资产管理公司监督管理暂行办法》（以下简称《办法》），规 范地方AMC经营行为，对业务边界、风险管理和监管机制进行全面规范，明确了"哪些能做、哪些不能 做"，进一步夯实行业风险管理和合规经营底线。 当前，地方AMC发展情况如何？《办法》如何强化风险管理？将给地方AMC行业带来哪些影响？ 对此，兴业研究金融业研究部高级研究员陈昊在接受《金融时报》记者采访时表示，《办法》出台后， 将引导地方AMC聚焦主责主业，有效服务地方。同时，《办法》设置了过渡期，将推动地方AMC稳 妥、顺畅地转型发展。 引导地方AMC聚焦主责主业 2022年3月，原银保监会公布地方AMC名单，彼时名单中共有59家地方AMC。在经历了数年发展 后，截至2024年底，名单中已有1家地方AMC注销，另有1家地方AMC获批在所在省份开展企 ...

Core Viewpoint - Gansu Bank has signed an asset transfer contract with Gansu Asset Management Co., Ltd. to sell an asset package for 15.3 billion yuan, marking the eighth asset sale since 2021, with a total transfer of over 23.7 billion yuan and actual recovery of less than 16.3 billion yuan [2][6]. Group 1: Asset Transfer Details - The asset package has a total book balance of approximately 19.719 billion yuan, including a principal balance of about 17.864 billion yuan and accrued interest of about 1.855 billion yuan [3]. - Gansu Bank has made a provision for impairment of 4.797 billion yuan, resulting in a net book value of approximately 14.922 billion yuan, indicating a transfer premium of 2.5% over the net book value [3][4]. - The assets being sold are in a continuous loss state, with pre-tax losses of approximately 669 million yuan in 2023 and further deterioration in 2024, with pre-tax losses expanding to approximately 903 million yuan [3][4]. Group 2: Composition of Assets - The asset package consists of 63% financial investment assets (non-credit bad debts), including trust products (7.623 billion yuan), asset management plans (4.098 billion yuan), bonds (1.859 billion yuan), and private equity funds (199 million yuan) [3][7]. - Traditional credit assets account for only 37%, with a total principal amount of 4.085 billion yuan, distributed across wholesale and retail, real estate, manufacturing, and exploration industries [3]. Group 3: Industry Trends and Implications - The banking industry is accelerating the disposal of non-credit bad assets, which, while different from traditional credit assets, still negatively impact asset quality and operational efficiency [4][5]. - The payment for the asset transfer will be made in installments, with an initial payment of 8 billion yuan due within five working days, and the remaining 7.3 billion yuan to be paid over five years [4]. - This asset sale is expected to alleviate historical burdens on the bank, improve asset quality, reduce provisions and impairment losses, and enhance profitability [5]. Group 4: Financial Performance - As of the end of 2024, Gansu Bank's total assets reached 414.708 billion yuan, a year-on-year increase of 6.7%, but the bank's operating income decreased by 10.7% to 5.954 billion yuan, marking the first decline in net profit in five years [9]. - The non-performing loan (NPL) balance was 4.341 billion yuan, with an NPL ratio of 1.93%, which is still below the average level of commercial banks [8][10].

今年上半年，消费金融公司以挂牌方式处置不良贷款的节奏明显加快。 依据银行业信贷资产登记流转中心（简称 "银登中心"）公开挂牌信息统计发现，截至 6 月 28 日，已有 15 家消费金融公司通过该平台挂牌不良贷 款项目 110 期，涉及资产包规模（包含未偿本金与利息）约 304.8 亿元，较往年同期大幅增长。 需要注意的是，为提高不良资产转让效率，不少消费金融公司在核销不良贷款后，未对借款人提起司法诉讼便直接挂牌转让，"未诉即转" 已成为 行业新的处置模式。 | | | 2025年上半年消费金融公司不良贷款挂牌转让情况 | | | --- | --- | --- | --- | | 序号 | 消费金融公司 | 未偿本息挂牌规模(亿元) | 转让项目期数 | | 1 | 招联消费金融 | 85.32 | 11 | | 2 | 兴业消费金融 | 48.62 | 14 | | 3 | 中银消费金融 | 41.12 | 55 | | 4 | 南银法巴消费金融 | 39.95 | 4 | | 5 | 湖北消费金融 | 32.41 | 10 | | 6 | 捷信消费金融 | 12.81 | 3 | | 7 | 蚂蚁消费金融 ...

近期，中银消费金融三股东上海陆家嘴金融发展有限公司发布了2025年半年报，其中披露了中银消费金 融2025年上半年业绩表现。 据半年报显示，中银消费金融总资产达817.03亿元，较上年末增长2.55%；营业收入达36.81亿元，同比 增长2.8%；净利润扭亏为盈，为1.5亿元，去年同期亏损3.06亿元。 | | | | | | | 甲保:元 巾秤:人民中 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 開来会額/ 本期发生額 | | | | 開初会額/ 上開发生額 | | | | 上海中心失腹健设发 | 上海湖东盗景城房 | | 中银消费金融有限公 上海螺塔置业有限 上海中心大厦建设 上海域东嘉里城房 | | 中製消費公體有限 | 上海醒悠置业有限 | | | 展有限公司 | 地产有限公司 | | 52.10 发展有限公司 | 地产机版公司 | 22.70 | 100 | | 境动资产 | 924, 541, 630, 76 | 428, 430, 077. 57 | 79, 226, 745, 527, 70 | 24, 793, 97 ...

Group 1 - The core principle of successfully acquiring foreclosed properties is thorough research on property information, including location, size, and past transaction records to avoid future issues [2] - Engaging professional institutions for market value assessment is crucial to ensure reasonable bidding prices and prevent overpricing risks [2] - A strict review of property rights is essential to confirm the absence of hidden debts or legal disputes, which is vital for identifying quality assets [2] Group 2 - Mastering low-price bidding techniques significantly enhances the probability of success in foreclosed property auctions [2] - Setting a clear budget limit and maintaining composure during the bidding process helps prevent emotional decision-making [2] - Observing the bidding patterns of other participants allows for strategic timing in placing bids, which aids in acquiring assets at lower costs [2] Group 3 - The process of disposing of non-performing assets is a core aspect of safely acquiring foreclosed properties, starting with professional assessments and market value analysis to identify potential risks [2] - The auction preparation phase involves legal document review and information disclosure to ensure transparency [2] - After a successful bid, buyers must complete payment and property transfer procedures while managing subsequent matters, emphasizing risk control to avoid disputes [2] Group 4 - Buyers must be vigilant about potential risks, such as undisclosed liens or seizure issues that could lead to transaction failures or additional costs [3] - The actual condition of the property may be concealed, thus on-site inspections or hiring professional inspectors for structural safety evaluations are recommended [3] - Conducting due diligence, including reviewing court documents and creditor lists, is essential to mitigate legal risks associated with non-performing asset disposals [3]

Core Insights - The report from the Bank Credit Asset Registration and Transfer Center indicates a record high in the batch transfer of non-performing loans (NPLs) in 2024, with a total transaction amount of 225.8 billion yuan [1] - The report highlights a significant trend in the personal loan NPL market, with personal consumption loans showing a continuous increase in proportion [2] Group 1: Market Overview - As of the end of 2024, 337 institutions have opened 1,004 business accounts at the center, reflecting the deepening of NPL transfer operations since the pilot program began in 2021 [1] - The batch personal loan transfer business accounted for 70.1% of the overall market, with a transaction amount of 158.35 billion yuan, significantly higher than single corporate loan transfers [2] Group 2: Asset Characteristics - The report identifies three main characteristics of personal consumption NPLs: an increase in short-aged projects, a predominance of written-off assets, and a rise in the number of non-litigation assets [2] - The average loan amount for borrowers is predominantly under 300,000 yuan, with the majority aged between 40 and 45 years [2] Group 3: Transaction Mechanism - Most batch personal loan transactions utilize a multi-round bidding process, with an average of nearly five qualified bidders to ensure competitive pricing [3] - The transfer prices have slightly increased compared to 2023, showing a negative correlation with overdue time; the longer the overdue period, the lower the transfer price [3] Group 4: Market Participants - The structure of market participants has diversified, with a notable decrease in market concentration; national joint-stock banks still lead in transaction volume but have seen a significant drop in market share [4] - Trust companies have entered the batch personal NPL transfer market for the first time, with notable transactions completed in December 2024 [5] Group 5: Future Outlook - The report anticipates an increase in the variety of market participants in the NPL transfer market by 2025, which is expected to enhance industry development and efficiency [6] - The center plans to launch a mobile application for NPL transfers to improve market transparency and convenience for participants [6]

我国地方资产管理公司(以下简称"AMC")近日迎来监管新规，行业迈向更加规范、可持续发展的新阶 段。 近年来，地方AMC作为专业的不良资产经营处置机构，在服务实体经济、改革化险等方面发挥了重要 作用，但也出现了一些高风险甚至违规行为，如偏离主业、违规跨区域经营、帮助金融机构虚假出表等 乱象。金融监管总局近日发布《地方资产管理公司监督管理暂行办法》(以下简称《办法》)，规范地方 AMC经营行为，对业务边界、风险管理和监管机制进行全面规范，明确了"哪些能做、哪些不能做"， 进一步夯实行业风险管理和合规经营底线。 2022年3月，原银保监会公布地方AMC名单，彼时名单中共有59家地方AMC。在经历了数年发展后， 截至2024年底，名单中已有1家地方AMC注销，另有1家地方AMC获批在所在省份开展企业不良资产批 量收购业务。由此来看，地方AMC总数仍维持在59家。 当前，地方AMC发展情况如何？《办法》如何强化风险管理？将给地方AMC行业带来哪些影响？对 此，兴业研究金融业研究部高级研究员陈昊在接受《金融时报》记者采访时表示，《办法》出台后，将 引导地方AMC聚焦主责主业，有效服务地方。同时，《办法》设置了过渡期，将 ...

Core Viewpoint - The article discusses the significant debt restructuring case of Xiexin Yuanchuang, which involved 623 billion yuan in debt and the participation of multiple asset management companies (AMCs) and investors, including the notable figure Feng Lun. This case serves as a potential model for future real estate debt crises in China [3][6]. Group 1: Background of Xiexin Yuanchuang - Xiexin Yuanchuang was once a leading real estate company in Chongqing, achieving sales exceeding 10 billion yuan in 2014 and being compared to major players like Longfor and Jinke [6][7]. - The company's decline began when founder Wu Xu was investigated in 2014, leading to a strategic shift that resulted in significant financial losses and ultimately bankruptcy [7][8]. - In 2019, the company sought foreign investment from Singapore's City Developments Limited (CDL), which resulted in a loss of 9 billion yuan within eight months, marking a significant failure for foreign investment in China's real estate sector [8]. Group 2: Debt Restructuring Process - The core restructuring plan involved asset separation and the establishment of a service trust, with three AMCs acquiring key assets for 585 million yuan. Remaining assets were placed in a five-year trust for gradual liquidation to repay debts [9]. - Feng Lun, a prominent figure in the real estate industry, participated in the restructuring by acquiring a stake in Xiexin's commercial management company [9]. - The collaboration of AMCs, including CITIC, Suzhou Assets, and China Resources Yukan, played a crucial role in managing the restructuring process [9]. Group 3: Implications for the Industry - The case illustrates that no real estate company is beyond recovery, as demonstrated by the successful restructuring of over 600 billion yuan in debt through market-driven solutions [10]. - The service trust model may become a mainstream approach for future debt restructurings, allowing for a five-year buffer period to maximize creditor interests [10]. - The failure of CDL serves as a cautionary tale for foreign investors considering high-risk real estate investments in China, highlighting the potential pitfalls of such strategies [10].

Group 1 - Recently, SPDB announced that Cinda Investment increased its holdings of the bank's convertible bonds by approximately 118 million shares, accounting for 23.57% of the total issuance, and completed the conversion in just three days, attracting significant market attention [1] - Similar actions occurred in 2023 when China Huarong significantly increased its stake in Everbright Bank, indicating a trend of asset management companies (AMCs) actively investing in commercial banks [1] - The regulatory requirement for AMCs to "return to their main business" has led to contradictory behaviors, such as China Huarong exiting its stake in Huarong Xiangjiang Bank and Cinda Asset putting its stake in Changjiang Huaxi Bank up for sale [1] Group 2 - Commercial banks urgently need the "rescue" from AMCs; for instance, SPDB's core Tier 1 capital adequacy ratio was 8.38% as of the end of Q1 this year, down from the previous year, and its convertible bonds are due for redemption in October [2] - Prior to Cinda's intervention, the conversion rate of SPDB's convertible bonds was only 0.01%, similar to the situation faced by Everbright Bank [2] Group 3 - AMCs can alleviate performance pressure by increasing their holdings in bank stocks, as Cinda Asset's net profit has decreased from 13.2 billion yuan in 2020 to 3 billion yuan in 2024, while bank stocks have shown strong performance and increasing dividend levels [3] - For example, SPDB's cash dividend ratio for 2024 is 30.16%, up by 0.11 percentage points from the previous year, indicating a stable income source for AMCs [3] Group 4 - The collaboration between AMCs and banks in the disposal of non-performing assets is strengthened by recent regulatory support, allowing banks to transfer eligible risk assets to AMCs [4] - In 2023, SPDB disposed of non-performing assets worth 108.7 billion yuan, marking a historical high, which aligns with the needs of both parties [4] Group 5 - The significant investment by AMCs in commercial banks reflects a broader policy intent from the central government to maintain stability in the banking system, with AMC executives taking board positions in these banks [5] - This strategic move not only provides capital support to banks but also offers AMCs a stable income and new avenues for business collaboration, indicating a deeper partnership in managing financial risks [5]