Credit Risk and Mortgage System in China The

信用风险与中国抵押制度 ——信达资产管理公司的视角和经验 Credit Risk and Mortgage System in China The View and Experience of Cinda Asset Management Corporation 2008年 6月 June, 2008

目录 Contents • 一、金融资产管理公司与信用风险 1. Asset management corporation and credit risk • 二、中国抵押制度的基本知识 2. Basic ABC of China mortgage system • 三、抵押担保制度优劣的评判标 3. Standards of mortgage guarantee system • 四、中国抵押制度的评判：现状和问题 4. Comment of China mortgage system: current status and problems • 五、中国抵押担保制度下AMC的策略 5. Strategies of AMC under China mortgage guarantee system

一、金融资产管理公司与信用风险 Asset management corporation and credit risk • （一）信达金融资产管理公司概况 I. Introduction of Cinda Asset Management Corporation • 1、组建背景： Establishment background • 2、基本情况：General introduction • 3、业务运作模式：Operating patterns • （1）收购 Acquisition • （2）管理 Management • （3）处置 Disposal

一、金融资产管理公司与信用风险（续） Asset management corporation and credit risk (Cont’d) • （二）信用风险 Credit risk • 1、信用风险的认识 Understand credit risk • （1）风险承继 risk inheritance • （2）二次风险防范 The second risk prevention • 2、风险防范与抵押品的管理 Risk prevention and management of the mortgaged properties • （1）不良债权类型及维护 categories of non-performed loans and its maintenance • （2）抵押债权维护 Maintenance of mortgage-backed loans • （3）抵押物管理、处置 The management and disposal of the mortgaged properties

二、中国抵押制度的基本知识 Basic ABC of China mortgage system • （一）基本法律框架 • Basic framework of the laws and regulations 1、《担保法》 Guaranty Law of the People's Republic of China • 2、《物权法》 Property Rights Law of the People's Republic of China • 3、其它法律、法规、规章及相关的司 法解释：例如《海商法》等 Other laws, rules, regulations and judicial interpretations, e. g. Maritime Code of PRC, etc. • 4、法律冲突的化解 Conciliation of the conflicts of laws

二、中国抵押制度的基本知识（续） Basic ABC of China mortgage system (Cont’d) • （二）抵押担保类型 • Categories of mortgage guarantee 1、不动产抵押 mortgaged real estate • 2、动产抵押 mortgaged movable • 3、非典型抵押担保方式： • • the categories of non-typical mortgage guarantee （1）方式例举：examples （2）司法态度：judicial attitude

三、抵押担保制度优劣的评判标准 Standards of mortgage guarantee system 国际商务实践证明，理想的担保交易法需要 遵循的基本规则： The international business practices proves that the ideals of guarantee laws must follow below principles: 简化设立担保的规则； Simplify the rules of setting up guarantee 明晰且准确的优先权规则； Distinct and accurate rules of priority right 公开、高效及统一的登记制度； public, efficient and unified registering system 强化担保权益的执行机制。 Implementation system to ensure the hypothec 资料来源：《中国动产担保物权与信贷市场的发展》 Resources: The Development of China Movable Guaranty Property Right and The Credit Market.

四、中国抵押制度的评判：现状和问题 Comment of China mortgage system: current status and problems • （一）抵押财产范围 the scope of mortgaged property • 1、逐渐开放抵押财产范围； The scope of mortgaged property is gradually extended （1）《担保法》 Guaranty Law of the People's Republic of China （2）《物权法》 Property Rights Law of the People's Republic of China • 2、设立浮动抵押制度。 The system of floating mortgage

四、中国抵押制度的评判：现状和问题 （续一） Comment of China mortgage system: current status and problems (Cont’d) • （二）优先权规则 The rules of priority right • 1、法定优先权优于担保物权； statutory priority right superior to security interest in property • 2、法定担保物权优于约定担保物权 statutory security interest in property superior to contracted security interest in property • 3、已登记的担保物权优于未登记的担保物权。 • Registered security interest in property superior to unregistered security interest in property • 问题：Problem 法定优先权常无公示，其优先性常被滥用，损害了交易安全。例如：建筑 程 款的优先权等。 Commonly, there is no publicity on statutory priority, so the priority right is often misused which is harmful to the security of the trade. E. g. the priority right of the payment of construction projects, etc.

四、中国抵押制度的评判：现状和问题 （续二） Comment of China mortgage system: current status and problems (Cont’d) • （三）权利登记规则： • • Regulations of registration 1、抵押物不同，登记机关不同（附表）； the register authority differs by different mortgaged property. (Attached exhibit) 2、登记信息的实质审查。 Check and verify of the registration information. • 问题：Problem: 登记机关不统一，登记时间长、效率低，登记信息不共享等。 Not unified registration authority; low efficiency in registration, asymmetric registration information

抵押、质押物类型 Pledge, impawn 登记部门 Register authority 土地使用权 Use property of the land 国土资源管理局 Municipal Bureau of State Land Resources 渔业船舶 Ships for fishing 渔政渔港监督管理局 Administration of Fishery Administrative 城市房地产、乡（镇）企业厂房 Plant of city real estate, township enterprises 房产管理局 Real Estate Administration Bureau 民用航空器 Civil aircraft 民用航管理部门 Ministration of Civil Aviation 企业设备、原辅材料、产品或商 品等 Equipment, raw material, products and merchants 商行政管理部门 Administration for Industry and Commerce 非企业所有机械设备、牲畜等生 产资料；农村私有房产、家具、 家用电器、金银珠宝及其制品等 生活资料 Production material (equipment and machinery not owned by enterprises, animals); Life material (Private houses, furniture, home appliance, jewelry) 公证处 Notary Offices 非农用机动车 Vehicles not for agriculture 车辆管理局 Administration Bureau of Vehicles 上市公司的股份股票 Stock shares of public company 中央证券登记结算公司 Central Security Registration and Settlement Company 农用机器设备 Machinery and equipment for agriculture 农机站 Agricultural Machinery Station 专利权、著作权、商标使用权 Patent rights, copyrights, trademark rights 知识产权局、 商行政管理局 Bureau of Property Right; Bureau of Administration for Industry and Commerce 农作物和其他农业收获物 Crops and other harvests 农业局 Bureau of Agriculture 出口退税款账户托管 Trust accounts for export tax refund 国税局 State Administration of Taxation 果园、树林 Orchard, wood 林业局 Forestry Administration 公路桥梁、公路隧道、公路渡口、 高速公路收费权 Highway bridges; highway tunnels; highway ferry, highway toll right 交通局 Bureau of Communications 船舶（海商法上所调整的船舶 ） Watercraft (Adjusted watercraft in Maritime Code of PRC) 海事局 Bureau of Maritime Affairs 高等院校学费和住宿费 Tuition and accommodation fee of colleges and universities 教育局 Bureau of Education 应收账款 Accounts receivable 中国人民银行征信中心 Credit Investigation Center of the People’s Bank of China

四、中国抵押制度的评判：现状和问题（续三） Comment of China mortgage system: current status and problems (Cont’d) • （四）担保实现规则 Regulations of implementation of guarantee • 1、法庭外实现担保物权空间狭隘； Low possibilities to implement security interest outside the court • 2、法庭内实现担保物权成本高昂； High cost to implement security interest inside the court • 3、法庭内实现担保物权效率低。 Low efficiency to implement security interest inside the court • 问题：Problems 担保物权的实现制度需要改革。 The implementation system of security interest needs reforming.

五、中国抵押担保制度下AMC的策略 Strategies of AMC under China mortgage guarantee system • （一）抵押物的管理 Management of the mortgaged property • 1、债权的诉讼时效维护：通知或公告 period of limitation for filing a suit for claim: inform or bulletin • 2、抵押物的定期检查：资产状况 Periodically check on mortgaged property: status of assets • 3、抵押物的毁损灭失后的追及 Dealing with problems after the damage or loss of the mortgaged property

五、中国抵押担保制度下AMC的策略 Strategies of AMC under China mortgage guarantee system • （二）抵押物的处置 • • • Disposal of mortgaged property 1、抵押物的评估：Evaluation of the mortgaged property （1）抵押物状况不同，评估方法不同； Different evaluation by different mortgaged property （2）抵押物评估作为抵押债权出售重要依据。 sale of mortgage loan complies with the evaluation of mortgaged property • 2、抵押权的实现：Implementation of mortgage • （1）庭内的执行：税收、政策优惠 • Execution inside the court: Taxation, preferential policies （2）庭外的和解与重组：优先采用 Imparlance and restructure outside the court: Priority to adopting

• 谢谢大家！欢迎交流！ Thank you! Welcome for sharing! • 联系方式：尚晨光 Contact: Shang Chenguang shangchenguang@cindamc. com. cn • 010 -64181252