CHINA Great Wall Asset Management Corp., one of the country’s four major State-owned managers of distressed debt, is seeking five to eight foreign and domestic strategic investors next year ahead of a market listing.

    Great Wall Asset said in December last year it planned to list in Hong Kong or on the mainland in the first half of 2017.

    It is seeking potential foreign investors from financial firms, sovereign wealth funds and long-term private equity funds, said Zhang Shixue, head of its strategic development department.

    For domestic investors, Great Wall Asset is considering big financial institutions, State-owned conglomerates as well as private firms, Zhang said.

    After the fundraising, the company will prepare for listings both in Hong Kong and on the mainland, he said.

    Great Wall Asset is one of four Chinese asset management companies (AMCs) set up in 1999 to purchase bad loans from the country’s four biggest State-owned banks.

    Vice president Zhou Liyao said at a news conference late Thursday Great Wall Asset had handled more than 1 trillion yuan in bad debt from financial institutions and alleviated debt burden for more than 300 large and medium-sized State-owned companies through debt-for-equity swaps.

    Great Wall Asset is also setting up a series of new industrial funds, with a total value of 300 billion yuan (US$43.7 billion), over the next three years to expand its bad debt business, including bad debt solutions, mergers and restructuring, as well as real estate. (SD-Agencies)