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“Far Eastern Debut” under Smooth Operation

Date:2006-09-25 Source:Sinochem Group

International Far Eastern Leasing Co., Ltd., 100% subsidiary of Sinochem, issuedits Debut Leasing Asset Based Security Management Program (Far Eastern Debut for short) on May 15th at SSE, and maintains Far Eastern Debut in good condition since then. All rental receivables are collected and distributed to investors as scheduled. In total, RMB 120 Million is distributed at the first distribution day, July 25th. So far, the Far Eastern Debut is traded actively,reaching a turnover rate of 67%. The investors include wealth management plan, education funds, ageing funds, etc. Several respects of Far Eastern Debut, such as underlying assets collection, securities trading,are going on the well-ordered path.

On August 18th,CSRC’s Intermediary Supervision department made a on-site inspection at IFELC. CSRC affirmed that Far Eastern Debut is the most demonstrating milestone at the trial stage of Chinese asset-based security innovation. Far Eastern Debut made several renovated breakthroughs, such as multi-tier design, credit enhancement, true sale and bankruptcy remote. After thorough summarization of the existing asset based security cases, CSRC will enforce relevant law and regulation to standardize the operation procedures, making the asset-based security development more healthy and orderly.