Bad debt company seeking capital injection

China Great Wall Asset Management Co Ltd is awaiting regulatory approval for the introduction of four strategic investors with total investment of 12.12 billion yuan ($1.79 billion).

The strategic investors include China Life Insurance (Group) Co, a previous shareholder in China Great Wall. China Life is planning to increase its investment by 121 million yuan, and the proportion of increased capital contribution will be the same as the insurer's current shareholding ratio in the State-owned asset management company. The other three investors are National Council for Social Security Fund (7 billion yuan), China Property & Casualty Reinsurance Co Ltd (2.8 billion yuan), and China Continent Property & Casualty Insurance Co Ltd (2.2 billion yuan).

"The funds will be used for capital replenishment and the improvement of our company's capability to operate nonperforming assets," Shi Jian, secretary of the board of China Great Wall, said on Thursday.