China, People's Republic of: Development of Asset Backed Securities Market and the Restructuring of State-owned Asset Management Companies

Sovereign Project | 39008-012

Summary

The TA will assist, on a pilot basis, the commercialization of asset management companies (AMCs) and market-based NPL financing by (i) helping Cinda AMC in structuring and issuance of the domestic ABS, and policy makers and financial market regulators in the establishment of a conducive policy, legal and regulatory environment for ABS market development; and (ii) developing a corporatization and restructuring plan for Cinda AMC based on sound operational, financial, and risk mitigation considerations; and introducing the best practices in corporate governance.

Latest Project Documents


Project Data Sheets (PDS) contain summary information on the project or program. Because the PDS is a work in progress, some information may not be included in its initial version but will be added as it becomes available. Information about proposed projects is tentative and indicative.

The Public Communications Policy (PCP) recognizes that transparency and accountability are essential to development effectiveness. It establishes the disclosure requirements for documents and information ADB produces or requires to be produced.

The Accountability Mechanism provides a forum where people adversely affected by ADB-assisted projects can voice and seek solutions to their problems and report alleged noncompliance of ADB's operational policies and procedures.

In preparing any country program or strategy, financing any project, or by making any designation of, or reference to, a particular territory or geographic area in this document, the Asian Development Bank does not intend to make any judgments as to the legal or other status of any territory or area.

Project Name Development of Asset Backed Securities Market and the Restructuring of State-owned Asset Management Companies
Project Number 39008-012
Country China, People's Republic of
Project Status Closed
Project Type / Modality of Assistance Technical Assistance
Source of Funding / Amount
TA 4618-PRC: Development of Asset Backed Securities Market and the Restructuring of State-owned Asset Management Companies
Technical Assistance Special Fund US$ 1.00 million
Strategic Agendas Inclusive economic growth
Drivers of Change Governance and capacity development
Sector / Subsector Finance - Finance sector development
Gender Equity and Mainstreaming No gender elements
Description The TA will assist, on a pilot basis, the commercialization of asset management companies (AMCs) and market-based NPL financing by (i) helping Cinda AMC in structuring and issuance of the domestic ABS, and policy makers and financial market regulators in the establishment of a conducive policy, legal and regulatory environment for ABS market development; and (ii) developing a corporatization and restructuring plan for Cinda AMC based on sound operational, financial, and risk mitigation considerations; and introducing the best practices in corporate governance.
Project Rationale and Linkage to Country/Regional Strategy Part of ADB's financial sector strategy, as stipulated in the Country-Strategy and Program Update, is to (i) assist the restructuring and strengthening institutional capabilities of state-owned financial institutions, (ii) enhance governance through strengthening legal, regulatory and supervisory framework, and (iii) encourage financial institutions to adopt sound corporate governance standards in harmony with international best practices.
Impact
Project Outcome
Description of Outcome
Progress Toward Outcome
Implementation Progress
Description of Project Outputs
Status of Implementation Progress (Outputs, Activities, and Issues)
Geographical Location East Asia
Summary of Environmental and Social Aspects
Environmental Aspects
Involuntary Resettlement
Indigenous Peoples
Stakeholder Communication, Participation, and Consultation
During Project Design
During Project Implementation
Business Opportunities
Consulting Services The TA will engage three international consultants for a total of 7 person-months, comprising an ABS Specialist (2 person months), a legal advisor (2 person-months) and an institutional restructuring specialist (3 person-months). Five domestic consultants will be engaged for 14 person-months and will include: an NPL legal documentation specialist (6 person-months), an ABS issuance legal specialist (1 person-month), an accounting specialist (2 person-months), a credit rating specialist (2 person-months), and an institutional restructuring specialist (3 person-months). The consultants will be selected and engaged on an individual basis in accordance with ADB's Guidelines on the Use of Consultants and other arrangements satisfactory to ADB.
Responsible ADB Officer Ying Qian
Responsible ADB Department East Asia Department
Responsible ADB Division Public Mgt, Financial Sector and Regional Coop Division, EARD
Executing Agencies
Ministry of FinanceMr. Han Bin, Deputy Directorhan.bin@china.comSanlihe, Xicheng District Beijing,100820 People's Republic of China
Timetable
Concept Clearance 09 Mar 2004
Fact Finding 18 Nov 2004 to 26 Nov 2004
MRM -
Approval 19 Jul 2005
Last Review Mission -
PDS Creation Date 14 Feb 2008
Last PDS Update 12 Oct 2010

TA 4618-PRC

Milestones
Approval Signing Date Effectivity Date Closing
Original Revised Actual
19 Jul 2005 05 Aug 2005 05 Aug 2005 31 Dec 2006 31 Jul 2010 -
Financing Plan/TA Utilization Cumulative Disbursements
ADB Cofinancing Counterpart Total Date Amount
Gov Beneficiaries Project Sponsor Others
1,000,000.00 0.00 0.00 0.00 0.00 0.00 1,000,000.00 19 Jul 2005 697,334.44

Safeguard Documents

See also: Safeguards

No documents found.

Evaluation Documents

See also: Independent Evaluation

No documents found.


The Public Communications Policy (PCP) establishes the disclosure requirements for documents and information ADB produces or requires to be produced in its operations to facilitate stakeholder participation in ADB's decision-making. For more information, refer to the Safeguard Policy Statement, Operations Manual F1, and Operations Manual L3.

Requests for information may also be directed to the InfoUnit.