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UBS acquires US$185 million of non-performing loans from state-owned Huarong Asset Management

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UBS has signed an agreement with China Huarong Asset Management Corp to purchase its US$185 million non-performing loan portfolio.

The purchase of part of the portfolios offered at auction by Huarong represents UBS's first foray into the China's non-performing loans market.

"UBS is extremely excited by the opportunity to participate in the market and is committed to building its portfolio investment business in China," said Simon Jin, Managing Director, Head of Fixed Income China, at UBS Investment Bank in Hong Kong.

Beijing-based Huarong, the biggest of four Chinese state-owned sellers of bad debt, disposes of bad assets for Industrial & Commercial Bank of China, the nation's biggest lender.

Hong Kong, 6 August 2004

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