GE Capital’s Commercial Finance business provides financing for both global and local corporations around the world. For NPL business, we are focusing on purchasing portfolios, managing individual accounts, resolving collaterals, and reflecting true values for non-performing loans.
A non-performing loan is a loan that is in default or close to being in default. Many loans become non-performing after being in default for 3 months, but this can depend on the contract terms. A loan is nonperforming when payments of interest and principal are past due by 90 days or more, or at least 90 days of interest payments have been capitalized, refinanced or delayed by agreement, or payments are less than 90 days overdue, but there are other good reasons to doubt that payments will be made in full.
[PLATFORM DESCRIPTION]
We have operations both in mainland China and Taiwan.
Mainland China NPL business consists of our own GE NPL portfolio, and also a Corporate Joint Venture (CJV) with China Orient Asset Management Company (COAMC) and International Finance Corporation (IFC). We have operations in Shanghai, Beijing, Xian, Hangzhou, and Shenzhen. We also have successful NPL investment and collection track record in Wuhan during 2005-2009.
Taiwan NPL business was established in October 2002, for the 1st acquired NPL portfolio, with over 1,000 borrowers and over 900 collaterals. Head office in Taipei, branch offices in Taichung and Kaohsiung.
Since the Taiwan platform was established, we have acquired total of more than 7,516 borrowers and 3,181 collaterals in 13 portfolios Currently managing 4,268 borrowers and 753 collaterals (as of Oct/30/2009).
We have extensive experience in asset resolution for commercial, residential, industrial and agricultural real estate assets, and global GE processes are implemented and refined proprietary system is developed which is now our global standard for this asset class.