China's hotel and exhibition industry hailed the first asset-backed securities (ABS) product early in October. Co-launched by China Minsheng Banking Corp., Ltd., Harvest Capital Management Co., Ltd. and Nanjing Hexi New Town State-owned Assets Management Group Holdings Co., Ltd., a wholly state-owned enterprise directly under the State-owned Assets Supervision and Administration Commission of Nanjing Municipal Government, the product was floated on the inter-institutional quoting and service system for privately placed products.
The system is operated by a firm governed by the Securities Association of China, a self-discipline organization for China's securities industry.
Besides, it was the first time for Nanjing Hexi New Town State-owned Assets Management Group Holdings Co., Ltd. to securitize its assets for financing.
The company takes charge of development and construction of the Hexi New Town in Nanjing now.
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