China Orient Asset Management Corp., a state-owned financial group that handles non-performing assets of state-owned enterprises, posted a net profit of 10.9 billion yuan (US$1.8 billion) for 2013, up 73 percent from the previous year, Securities Daily reported Tuesday, citing unidentified sources. The company’s subsidiaries, including the brokerage, financial leasing and trust units, are said to have reaped a combined profit of 2.9 billion yuan last year. Meanwhile, the report said that Orient Asset is waiting for the official go-ahead to reform its corporate structure and act as both an insurer and an asset management company. The approval is expected this year.
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