The name Fan Ya Tai may be new but the company's formation, in February 2004, was based upon a solid three-year track record of success in working out non-performing assets and non-performing loans (hereafter collectively termed "NPLs") across southern China.

When the Guangdong Provincial Government signed a definitive agreement with the creditors of Guangdong Enterprises (Holdings) Limited ("GDE") in 2000, Guangdong Assets Management Limited ("GDAMC") was created as part of the agreement and the GDE restructuring effort. By 2003, GDAMC had paid off the HK$2.47 billion debt (including HK$2.02 billion in bank debt and HK$0.45 billion in non-bank liability), with cash generated from the NPLs under management. It was a magnificent achievement in that the bank debt had initially traded at twenty-five cents on the dollar post restructuring, and the full payback was made some three years ahead of schedule. In addition, GDAMC continued to generate significant additional cash from the remaining assets pool in the following years. It was upon this solid platform of success, in managing NPLs in southern China, that led to the formation of Fan Ya Tai.

In September, 2003, Mr. Steven Shafran, a director of GDH Limited proposed to offer GDAMC's expertise to other owners of NPLs in the PRC. Mr. Shafran, in his former role as partner of Goldman Sachs, advised GDE on its restructuring and well understood the accomplishments of GDAMC. The result was the signing of a Joint Venture Agreement in February 2004 to launch a new business under the name: Fan Ya Tai Asset Management Company (International) Limited.

Fan Ya Tai continues to manage the GDAMC portfolio; in March, 2004, Mr. Craig Blomquist, with over 20 years of experience in the field of distressed asset management (6 of which had been spent in Asia), joined the GDAMC team that was transferred to Fan Ya Tai.

Company Key Events Since 1998

1998 December	The Guangdong Provincial Government suspended all credit payments and ordered the restructuring of GDE/GDI
1999 December	The Guangdong Provincial Government signed an initial agreement with creditors on Dec 15, 1999; injected Dongsheng Water Project, valued at HK$14 billion, into GDE/GDI
2000 December	The Guangdong Provincial Government signed definitive agreement with creditors. In connection with final agreement, Guangdong Assets Management LTD. ("GDAMC") was created to hold impaired assets of the old GDE group and Nan Yue Group.
2002 December	GDAMC paid off 100% of the HK $2.478 Billion loan (including US$260MM in bank notes and HK$450MM in non-bank liability), 3 years well ahead of schedule Such loan initially traded at 25 cents on the dollar when the restructuring deal was consummated
2003 January onward	GDH continued to generate cash from the remaining asset pool
2003 September	AMRI Financial Group, founded by Steven Shafran (a director of the board at GDH), proposed forming a JV with GDAMC, offering GDAMC’s expertise to owners of non-performing assets in the PRC
2004 January	GDH and AMRI signed Joint Venture Agreement; FYT formed
2004 February	FYT signed first contract with GDH to continue work on remaining GDAMC portfolio
2004 March	Full GDAMC team officially transferred to FYT, CEO Craig Blomquist joined
2005 January	Received ISO 9001:2000 certification from Det Norske Veritas, the first third-party special servicer to do so in the Greater China Region
2005 April	Partner Fan Ya Tai Asset Management Company Limited established Tianjin representative office
2005 July	Received an “Above Average” rating from Standard & Poor’s and became the first S&P rated special servicer in the Greater China Region

2006 January

FYT established Zhanjiang/Maoming office to serve Citigroup NPL portfolios

2006 March

FYT established Xiamen office to serve BOA NPL portfolios

2006 July

Reconfirmed an “Above Average” rating from Standard & Poor’s rated as a special servicer in the Greater China

2006 December

Hanbo Limited and Ylime International purchase the shares hold by GDH. Messrs. Brian Li Fang and Dongping Shi became the new directors of the company

2007 July

Hanbo Limited transferred its FYT interest to Beijing Mainstreets Investment Group Corporation, and Mainstreets investment became one of the shareholders

2007 December

The majority shareholders of FYT agreed to sell their interests to D.B.Zwirn Asia/Pacific Special Opportunities Fund, L.P. The transaction was closed in mid December 2007