同海大学 TONGJI UNIVERSITY The Historical Evolution of the NPEs 4.fourth group of NPEs,since late 1980s,took shape in relation to the privatization of the collective and state-owned enterprises -Sub-group 1:those who resigned from the collective and state-owned units(xiahai) and established their independent private businesses that had no relations to their prevlous working unlts(danwel)in the late 1980s. Feng Lun,now acting as the Chairman of Vantone Holdings Co.,Ltd., used to hold posts in the Party School of the Central Committee of CPC, the National Reform Commission,and China Institute for Reform and Development(1984-1991). Feng Lun resigned from the"Shiye Danwei"and went to Hainan to set up Vantone in 1991 and set up Beijing Vantone Industrial Co.Ltd.in 1993.Known as the"Property Thinker"in China,he actively promoted 万通地产 the progress of the real estate industry as an innovator and pioneer. 1919 The Historical Evolution of the NPEs The Historical Evolution of the NPEs The Historical Evolution of the NPEs The Historical Evolution of the NPEs - Sub-group 1: - Sub-group 1: - Sub-group 1: - Sub-group 1: those who resigned from the collective and state-owned units (xiahai) those who resigned from the collective and state-owned units (xiahai) those who resigned from the collective and state-owned units (xiahai) those who resigned from the collective and state-owned units (xiahai) and established their independent private businesses that had no relations to their and established their independent private businesses that had no relations to their and established their independent private businesses that had no relations to their and established their independent private businesses that had no relations to their previous working units (danwei) in the late 1980s. previous working units (danwei) in the late 1980s. previous working units (danwei) in the late 1980s. previous working units (danwei) in the late 1980s. 4. fourth group of NPEs, since late 1980s,took shape in relation to the 4. fourth group of NPEs, since late 1980s,took shape in relation to the 4. fourth group of NPEs, since late 1980s,took shape in relation to the 4. fourth group of NPEs, since late 1980s,took shape in relation to the privatization of the collective and state-owned enterprises privatization of the collective and state-owned enterprises privatization of the collective and state-owned enterprises privatization of the collective and state-owned enterprises Feng Lun, now acting as the Chairman of Vantone Holdings Co., Ltd., used to hold posts in the Party School of the Central Committee of CPC, the National Reform Commission, and China Institute for Reform and Development (1984-1991). Feng Lun resigned from the "Shiye Danwei" and went to Hainan to set up Vantone in 1991 and set up Beijing Vantone Industrial Co. Ltd. in 1993. Known as the “Property Thinker” in China, he actively promoted the progress of the real estate industry as an innovator and pioneer