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See "The Failure of GITIC", Fitch IBCA, November 1998, for a good description of the background of the trust and investment companies in China, and "Bankruptcy of GITIC", Fitch IBCA, January 11, 1999, for a detail description for the debacle of GITIC.
Overall, most creditors are expected to recover about 34% of their claims on the failed GITIC.
They were also informed they may receive part of their claims against the collapsed fund-raising "window company" of the Guangdong provincial government at their next meeting, according to a foreign banking source who attended a briefing Friday by GITIC's liquidator in Guangzhou, southern China.
He said the latest estimation of GITIC's recoverable assets will be disclosed at a creditor meeting set for Tuesday in Guangzhou.
GITIC was a nonbank financier in Guangdong Province and one of the southern province's biggest fund-raising institutions.
The "lawful, reasonable and fair" decision to allow GITIC to go under was an individual case in the course of China's financial reform, Zhu told a press conference.
(GITIC) last year, Dai said bad loans amount to about 10% of total loans outstanding.
BEIJING, March 11 Kyodo The head of China's central bank said Thursday investors in the failed Guangdong International Trust and Investment Corp.(GITIC) will be treated exactly the same as Chinese investors.
Tsang Yok-sing, CPPCC member and head of the Democratic Alliance for the Betterment of Hong Kong, said in a statement received in Hong Kong that he told the CPPCC meeting the bankruptcy of GITIC has widely affected China and Hong Kong.
2 Kyodo The Bank of East Asia, one of the most aggressive Hong Kong banks in the China market, said Tuesday loan-loss reserves for 1998 increased five times due to the write-off of loans to the collapsed Guangdong International Trust and Investment Corp.(GITIC) and an increased risk for loans to Chinese companies.
The governor of China's central bank said Wednesday a meeting will be held at the end of April to discuss the repayment of defaulted loans by the bankrupt Guangdong Internatinal Trust and Investment Corporation (GITIC).
(Gitic) is an indication of the Chinese government's resolve to persevere with financial reform, the Foreign Ministry spokesman said Thursday.
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