Sumary of Huarong Puts $58.8 Billion of Bad Assets Up for Sale:
- China Huarong Asset Management Co. is putting 380 billion yuan ($58.8 billion) of bad assets up for sale after the scandal-plagued bad-debt manager reported a record loss last year.
- Huarong secured a long-expected rescue plan last month led by state-owned giant Citic Group Corp.
- Citic is wholly owned by the State Council, the country’s cabinet.
- Huarong last month reported long-delayed 2020 results, posting a record 102.9 billion yuan ($15.8 billion) loss, citing the impact of a review of assets and risks and the Covid-19 pandemic.
- 18 that a consortium of financial companies led by state-owned heavyweight Citic Group agreed in principle to recapitalize and restructure the company.