China Bohai Bank (9668.HK), opens new tab said on Monday it is looking to sell 29 billion yuan ($3.99 billion) worth of non performing loans as the faltering Chinese economy and deepening property sector problems pressure lenders to dispose of bad assets.
The Tianjin-based bank, 16.2% owned by British lender Standard Chartered (STAN.L), opens new tab, expects a financial hit of 3.9 billion yuan from the sale, the bank said in a statement on the Hong Kong Stock Exchange.
Source: REUTER
