处于清盘中的恒大， 旗下不良资产在加速处置。 近日，"恒大系"12家公司不良债权被集中摆上货架，拿出来招商，债权总额约113亿元，12笔不良资产的持有人均为长城资产北京市分公司，涉及的项目遍布北京、 天津、南昌、成都等多个一、二线城市，涵盖住宅、商业及文旅等多个类型项目。 值得一提的是，6月9日晚间，中国恒大公告，继针对CEG Holdings发出清盘令后， 中国 香港法院于2025年4月28日委任安迈顾问有限公司的Edward Simon Middleton 及黄咏诗为CEG Holdings的共同及各别清盘人，该委任已于2025年4月28日生效，5月12日公告所述的撤销转让申请，将改由CEG清盘人及CEG Holdings清盘人处 理。 恒大百亿不良债权待价而沽 据阿里资产交易平台披露的信息，"恒大系"12家公司不良债权被集中摆上货架，债权总额约113亿元，12笔不良资产的持有人均为中国长城资产管理股份有限公司北 京市分公司，项目所在地涉及北京、天津、南昌、成都等地。 具体来看，例如北京的不良债权，有一笔债务人为北京恒房兴置业有限公司，截至2025年4月底，总债权13.87亿元，其中债权本金11.86亿元 ...

时隔两年，大连银行董事长职位空缺终于画上句号。6月3日，监管机构核准大连银行董事长曾涛的任职资格，这位拥有"东方系"背景的金融老将，正式掌舵 这家城商行。曾涛堪称金融领域的"多面手"，早年从中国银行海南省分行起步，后深耕东方资产多年，也曾在保险等领域积累经验。 事实上，自2015年中国东方资产管理股份有限公司（以下简称"东方资产"）进场重组大连银行后，该行董事长人选便与"东方系"深度绑定，从此前的崔磊再 到如今的曾涛，"东方基因"的延续被视为推动稳增长的关键，尤其在大连银行面临资产质量及盈利增长承压的当下，这家东北地区的城商行能否在新"掌舵 人"的带领下走出经营发展困局，成为行业关注的焦点。 新"掌舵人"任职资格获批 空缺两年的大连银行"掌舵人"终于迎来"补位"。近日，大连金融监管局公布了一则行政许可，核准曾涛大连银行董事长的任职资格。 博通咨询金融行业资深分析师王蓬博指出，曾涛丰富的"东方系"履历，有望为大连银行的公司治理带来更为成熟的风险管理体系与规范流程，东方资产在不 良资产处置领域经验丰富，在战略方向上，可能推动大连银行与东方系其他金融机构深化协同合作，整合资源，拓展业务领域，如在投行业务、金融科技等 ...

Core Viewpoint - The consumer finance industry in 2025 is characterized by a dual approach of "increasing revenue" and "cost-saving" under the pressures of asset quality optimization and liquidity management. Institutions are accelerating the disposal of non-performing assets while utilizing asset-backed securities (ABS) to open low-cost financing channels, creating differentiated paths for capital replenishment [2][11]. Group 1: Non-Performing Asset Management - The market for transferring non-performing assets in the consumer finance sector has been heating up, with 8 consumer finance companies listing 37 non-performing asset packages in May alone, including major players like Zhaolian Consumer Finance and Ant Consumer Finance [2][3]. - As of the end of the first quarter, consumer finance companies have become the second-largest sellers in the personal loan non-performing asset market [2]. - In May 2025, 8 licensed consumer finance companies collectively transferred non-performing assets exceeding 8 billion yuan [3]. Group 2: Asset-Backed Securities (ABS) Issuance - In 2025, consumer finance companies have issued a total of 15 ABS products, with a total issuance amount of 7.458 billion yuan, and some products have seen interest rates drop below 2%, reaching as low as 1.9% [2][9]. - The issuance of ABS is seen as a crucial method for consumer finance companies to optimize their liability structure and enhance asset liquidity, thereby improving their ability to withstand risks [12]. - The People's Bank of China has supported the issuance of financial bonds by consumer finance companies and is studying the increase of registration quotas for consumer credit asset securitization [11][12].

Core Viewpoint - The consumer finance industry is accelerating the disposal of non-performing assets and issuing asset-backed securities (ABS) to replenish capital, driven by intensified competition, slowing economic growth, and declining asset quality [1][6]. Group 1: Non-Performing Asset Disposal - Consumer finance institutions are rapidly clearing non-performing assets, with a trend of "quick clearance and quick transfer" becoming the norm [2]. - Ant Financial recently listed a personal non-performing loan asset package with a total unpaid principal and interest of 600 million yuan, starting at a price of only 72.1 million yuan, reflecting a discount rate as low as 12% [2]. - The average overdue days for this asset package is 335.8 days, and it has been fully classified as a "loss" category [2]. - The average unpaid principal and interest balance for borrowers in a non-performing asset package is over 5,000 yuan, with an average of 2.62 loans per person [3]. - Institutions like Zhaolian Consumer Finance are adopting a "write-off and sell, all non-litigation" approach, transferring 464,693 non-performing assets with an average overdue period exceeding 600 days [3][4]. - The trend of low-price transfers of non-performing assets has become a common practice among consumer finance companies, with transfer volumes reaching historical highs [4]. Group 2: Asset-Backed Securities (ABS) Issuance - Consumer finance companies are accelerating ABS issuance to broaden financing channels, with a total of 15 ABS products issued by May 29, amounting to 7.458 billion yuan, a 45% increase compared to the same period in 2024 [6][10]. - The majority of ABS issued are personal consumption loan ABS, accounting for 72.4% of the total [6]. - The issuance rates for ABS have reached new lows, with some products like "25 Nanyin Fabai 1A" having a ticket rate of only 3.15% [6][9]. - Regulatory support is a significant factor driving ABS issuance, with the People's Bank of China encouraging consumer finance companies to issue financial bonds and expand the scope of securitizable assets [10][11]. - ABS issuance is seen as a cost-effective financing method, helping consumer finance companies optimize their liability structure and enhance capital resilience against risks [11].

Group 1 - Ant Consumer Finance Co., Ltd. is transferring a personal non-performing loan asset package with an outstanding principal and interest totaling 600 million yuan, covering 120,000 borrowers, with a starting price set at 72.1 million yuan, which is just over 10% of the asset package value [1][4] - The asset package has a weighted average overdue period of 335.8 days, and all loans have been classified as "loss" in the five-level classification system, indicating a pessimistic recovery expectation from the institution [4][11] - The average outstanding principal and interest balance per borrower is over 5,000 yuan, and all loans are pure credit loans that have not entered litigation [4][11] Group 2 - In May 2025, multiple licensed consumer finance companies, including South Silver Fa Ba, Bank of China Consumer Finance, and others, transferred non-performing assets exceeding 7.5 billion yuan [5] - Bank of China Consumer Finance notably listed 20 non-performing asset packages in May, totaling 2.17 billion yuan, with starting prices as low as 10% of their value [5][8] - The non-performing loans from Bank of China Consumer Finance show a wide overdue time span, with most classified as "substandard" and "loss," indicating deteriorating asset quality [5][8] Group 3 - The consumer finance industry is experiencing rapid expansion alongside increasing asset quality pressure, with total assets of 31 licensed consumer finance companies reaching 1.374731 trillion yuan, a historical high [11] - The non-performing loan ratio for Bank of China Consumer Finance increased from 2.80% in 2022 to 3.56% in 2024, reflecting a broader trend among consumer finance companies [12] - The industry is showing signs of significant differentiation, with leading institutions like Ant Consumer Finance and Bank of China Consumer Finance dominating the market, holding over 60% of the total market share [12]

Core Insights - The recent reports from local Asset Management Companies (AMCs) indicate a significant decline in both revenue and net profit for many firms, reflecting the challenging economic environment [1][2][3] Financial Performance - Out of 31 local AMCs that disclosed their 2024 annual reports, 17 experienced a decline in revenue, and 18 saw a drop in net profit, with 13 companies facing declines in both metrics [1][2] - The total revenue for these AMCs is above 1 billion yuan, with 14 companies exceeding 1 billion yuan in revenue, representing 45.16% of the total [2] - The top five AMCs by revenue are Jiangsu Asset Management Co. (64.83 billion yuan), Zhejiang Zheshang Asset Management Co. (54.25 billion yuan), Henan Asset Management Co. (28.68 billion yuan), Zhongyuan Asset Management Co. (26.18 billion yuan), and Shandong Financial Asset Management Co. (21.47 billion yuan) [2] Profitability Analysis - The leading AMCs by net profit include Shanghai State-owned Assets Management Co. (22.96 billion yuan), Shandong Financial Asset Management Co. (16.97 billion yuan), and Zhejiang Zheshang Asset Management Co. (15.24 billion yuan) [3] - Six AMCs reported net profits below 1 billion yuan, with three of them in a loss position, specifically Guangzhou Asset Management Co. (-3.5 billion yuan), Guo Hou Asset Management Co. (-9.21 billion yuan), and Tian Qian Asset Management Co. (-15.1 billion yuan) [3] Market Conditions and Challenges - The decline in asset quality and the difficulty in asset recovery during economic downturns are major factors affecting local AMCs, particularly due to their reliance on real estate assets [1][6] - The overall economic pressure has led to longer asset disposal cycles and decreased recovery rates, significantly impacting revenue from non-performing assets [6][7] - Regulatory guidance has prompted AMCs to focus on their core business, leading to a contraction in non-core operations, which has also contributed to revenue declines [7] Asset Impairment - The impairment of existing assets is becoming a significant factor eroding profits for local AMCs, with companies like Shandong Financial Asset Management Co. reporting increased fair value losses [8] - For instance, Shandong Financial Asset Management Co. reported a fair value loss of -7.46 billion yuan in 2024, up 36.88% from the previous year [8] - Guangzhou Asset Management Co. also noted a significant increase in impairment losses, with fair value changes dropping from -4.17 billion yuan in 2023 to -7.92 billion yuan in 2024 [8]

Core Insights - The article discusses the strategic moves of the low-profile business leader Shen Guojun, particularly focusing on the expansion of Yintai Group and its asset management subsidiary, Ruijing Asset Management, in the non-performing loan market [1][5]. Group 1: Company Overview - Yintai Group acquired a 290-acre land parcel in Hangzhou for 1.337 billion yuan to develop a 600,000 square meter TOD urban complex [1]. - Ruijing Asset Management, established in 2018, has rapidly become a key player in the non-performing loan sector, acquiring over 1.5 billion yuan in individual loan non-performing assets since 2025 [1][5]. Group 2: Shareholder Structure - Ruijing Asset Management operates as a mixed-ownership enterprise, with Yintai Group holding 35% of the shares, followed by Jiangxi state-owned enterprise holding 30%, and other private investors [2][4]. Group 3: Financial Performance - Ruijing Asset Management's net profit figures for 2022, 2023, and 2024 were 94 million yuan, 145 million yuan, and 60 million yuan respectively, indicating a decline in profitability despite asset growth [8][11]. - The company achieved a total asset scale exceeding 8 billion yuan by the end of 2024, with a significant increase in asset management scale [5][11]. Group 4: Market Dynamics - The non-performing loan market is experiencing a shift from a blue ocean to a red ocean, with increased competition as state-owned asset management companies enter the market [11][12]. - The non-performing loan transfer market reached a scale of 286.2 billion yuan in 2024, reflecting an 80% year-on-year growth, with expectations for the individual loan non-performing market to exceed 1 trillion yuan in the next three years [12]. Group 5: Strategic Transformation - Shen Guojun is undergoing a significant strategic transformation, moving from heavy asset operations to light asset management, particularly through the focus on Ruijing Asset Management [7][8]. - The company is leveraging digital transformation and AI technologies to enhance its asset management capabilities and optimize recovery strategies [12].

Core Viewpoint - The article emphasizes the significant challenges and opportunities facing the Asian economy, particularly in the context of non-performing loan (NPL) management, amidst a backdrop of global economic adjustments and rising financial risks [1][2]. Summary by Sections Current Economic Context - The Asian economy is under unprecedented pressure due to trade frictions, global supply chain restructuring, and rising debt risks, which may lead to increased non-performing loan rates and exacerbate banking system risks [1]. - The need for enhanced capacity building and regional cooperation is highlighted as essential for improving overall resilience in the face of these challenges [1]. Development of China's NPL Management Industry - In 2024, China's NPL management industry is positioned as a "stabilizer" for financial risk management and an "accelerator" for optimizing existing assets, facing new development opportunities and challenges [2]. - The NPL market in China is characterized by "slight adjustments in total volume, structural differentiation, and breakthrough models," with a continuous increase in NPL supply driven by real estate adjustments and regional debt pressures [2]. Market Performance and Projections - The NPL transfer market in 2024 is projected to exceed 200 billion yuan, marking an 80% increase from 2023, with a total of 573 asset packages transacted, reflecting a 46.9% year-on-year growth [3]. - The scale of personal loan NPL transfers is expected to reach 330 billion yuan by the end of 2025, indicating significant growth potential [3]. Regulatory and Competitive Landscape - The regulatory environment is expected to maintain a "strict regulation + focus on core business" approach, guiding asset management companies back to their main operations while enhancing their roles in financial rescue and counter-cyclical adjustments [4]. - The competitive landscape in the NPL management industry is intensifying, with the ability to manage assets and capital strength becoming critical factors for success [4]. Regional Cooperation and Knowledge Sharing - The International Public Asset Management Company Association (IPAF) aims to promote knowledge sharing and capacity building among member institutions, with a focus on cross-border NPL investment strategies and effective management practices [7][10]. - The importance of collaboration in addressing financial risks and enhancing regional economic ecosystems is emphasized by various stakeholders [7][10]. Recommendations for Healthy NPL Market Development - Establishing an NPL trading platform, encouraging private sector participation, and strengthening creditor rights legislation are recommended to enhance market activity and efficiency [9]. - The need for robust internal warning systems within banks to predict and manage future NPL trends is highlighted as crucial for maintaining financial stability [9].

Group 1: Economic Context and Challenges - The global economy is undergoing significant adjustments, with trade frictions, restructuring of global supply chains, and rising debt risks creating multiple uncertainties, particularly impacting the Asian economy as a key manufacturing base and growth engine [1] - The complex economic situation may lead to an increase in non-performing loan (NPL) rates, exacerbating risks within the banking system [1] - The need for enhanced capacity building and regional cooperation is emphasized as a crucial path to improve overall resilience in the face of these challenges [1] Group 2: Development of China's NPL Market - In 2024, China is expected to continue focusing on high-quality development and supply-side structural reforms, effectively preventing and mitigating major financial risks [2] - The NPL management industry in China is characterized by "total adjustment, structural differentiation, and model breakthroughs," with an increase in NPL supply due to the real estate sector's adjustment and regional debt pressures [2] - The five major financial asset management companies are streamlining operations and returning to core business, while local asset management companies are enhancing their professional capabilities, leading to a more differentiated and refined market competition [2] Group 3: NPL Transfer Market Performance - The NPL transfer market in 2024 is projected to perform strongly, with total transfer amounts exceeding 200 billion yuan, representing an 80% increase from 2023 [3] - A total of 573 asset packages were transacted, achieving a 46.9% year-on-year increase, with the business scale reaching 158.35 billion yuan, a 64.0% year-on-year growth [3] - The consumer loan proportion in NPL transfers has risen from 65% in Q3 2023 to 86%, surpassing commercial loans [3] Group 4: Regulatory Environment and Industry Trends - The 2024 China NPL industry report anticipates continued regulatory policies focusing on "strict regulation + core business," guiding asset management companies to return to their main operations [4] - The competitive landscape in the NPL management industry is expected to remain dominated by the five major asset management companies, with local AMCs, private asset management firms, and other non-licensed institutions coexisting [4] - The competition is intensifying, with the ability to manage assets and capital strength becoming key factors for success, surpassing the value of licenses [4] Group 5: Regional Cooperation and Knowledge Sharing - The Asian Development Bank (ADB) emphasizes the importance of enhancing financial regulatory frameworks, improving institutional governance, and strengthening regional cooperation to address ongoing financial risks [5] - The IPAF aims to promote knowledge sharing and capacity building among member institutions, expanding its cooperative network to facilitate cross-regional experience exchange [6] - The conference highlighted the shared challenges of NPL management among IPAF member countries, discussing practical strategies for cross-border NPL investment and effective management [6] Group 6: Recommendations for NPL Market Development - Establishing an NPL trading platform is recommended to facilitate transactions and attract large investors, alongside encouraging private sector participation to invigorate the market [8] - Strengthening creditor rights legislation and reducing external interference are suggested to support private sector solutions while enhancing non-bank loan enforcement [8] - Building an internal early warning system within banks is crucial for predicting future NPL trends, ensuring appropriate data is available for effective risk management [8]

Summary of Conference Call on China's Real Estate Policy Industry Overview - The focus is on the **Chinese real estate market** and its policies, particularly in the context of liquidity challenges and inventory reduction strategies [1][5][10]. Key Points and Arguments 1. **Shift in Policy Focus**: Current policies emphasize demand-side control but need to transition to supply-side support, including corporate financing and liquidity assistance [1][4]. 2. **International Experience**: Historical data indicates that stimulating demand alone does not resolve market downturns; restoring industry liquidity and stabilizing assets are crucial [1][8]. 3. **U.S. Financing Structure**: The U.S. real estate loan balance has grown at an average annual compound rate of approximately 7% from 2000 to 2024, with a significant shift from bank-led financing to direct financing [11]. 4. **Innovative Financial Tools**: The U.S. has successfully injected liquidity into its real estate market through financial innovations like Mortgage-Backed Securities (MBS) and private equity funds [12][13]. 5. **Challenges in China**: The Chinese real estate market faces significant challenges, including insufficient liquidity and the beginning of inventory reduction, compounded by a tightening monetary environment [5][10]. 6. **Need for Asset Management**: China should develop bad asset disposal businesses and enhance capital market activities, focusing on mergers and acquisitions to revitalize local assets [1][18]. 7. **Market Trends**: The Chinese real estate market is expected to experience a downward trend through 2025, with significant declines in transaction volumes and prices observed in recent months [3][10]. 8. **Comparison with U.S. Market**: The U.S. real estate market is at historical highs, while China's market is at historical lows, necessitating different strategies for recovery [19][20]. 9. **Liquidity Supply Mechanism**: Effective strategies should focus on supply-side support, particularly in corporate financing and liquidity to alleviate monetary resource constraints [7][9]. 10. **Moral Hazard in Financing**: Addressing moral hazard in corporate financing requires ensuring clean management records and balancing high-risk scenarios within the economic framework [2][24]. Additional Important Insights - **Historical Context**: The real estate adjustments post-1980s have shown significant price volatility, leading to increased asset restructuring needs [6]. - **Future Challenges**: The U.S. market may face challenges due to a potential shift in interest rates, which could affect asset price adjustments and the overall market structure [21][22]. - **Differences in Market Dynamics**: The dynamics of the Chinese real estate market differ significantly from the U.S., with unique challenges related to leverage and asset ownership structures [23]. This summary encapsulates the critical insights from the conference call regarding the current state and future outlook of the Chinese real estate market, emphasizing the need for strategic shifts in policy and financing mechanisms.