China NPL pioneer plans new $1 billion deal

China's most innovative and dynamic asset management company (AMC) Huarong AMC (HAMC) will hold an auction of around $1 billion non-performing loans (NPL) formerly belonging to China's biggest bank, the state-owned Industrial and Commercial Bank of China ((ICBC). The landmark deal will take place in the third quarter of this year, according to a Huarong official and will be aimed at both international and domestic investors.