China Cinda Asset Management Co., Ltd., Beijing Branch (“Cinda Beijing”), acquired a RMB542 million loan from a Mainland branch of a Hong Kong bank. The deal also involved the restructuring of guarantees provided by SOCAM Development Limited. Our firm acted as the Hong Kong legal advisor for Cinda Beijing.

Cinda Beijing is a branch of China Cinda Asset Management Co., Ltd. Its predecessor, China Cinda Asset Management Corporation was established on 20 April 1999 with the business of management and disposal of non-performing assets on behalf of China Construction Bank. The aggregate book value of non-performing assets acquired and dealt with by China Cinda Asset Management Co., Ltd exceeds RMB1,000 billion yuan.