On July 22, Bohai Bank announced plans to sell assets worth 28.9 billion yuan or about 4 billion US dollars at a 40 percent discount. These assets mainly consist of debts owed by 53 entities, including 25.6 billion yuan in principal, 2 billion yuan in interest, and 1.3 billion yuan in penalties. This move is expected to result in a loss of 3.8 billion yuan for the bank, which amounts to more than three-quarters of its net profit for 2023.
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China’s Finance and Real Estate Perishing Together? Bohai Bank Sells Assets at 40% Off
