A pedestrian walks past the China Huarong Tower, which houses the headquarters of China Huarong International Holdings Ltd., a unit of China Huarong Asset Management Co., centre, in Hong Kong, China, on Tuesday, April 13, 2021. Photo: Bloomberg
A pedestrian walks past the China Huarong Tower, which houses the headquarters of China Huarong International Holdings Ltd., a unit of China Huarong Asset Management Co., centre, in Hong Kong, China, on Tuesday, April 13, 2021. Photo: Bloomberg

Citic, Cinda, China Life lead state firms in handing Huarong US$6.6 billion to help China’s largest bad debt manager avert bankruptcy

  • Huarong will receive about 42 billion yuan of capital from a consortium of five Chinese state-backed investors
  • Citic will become Huarong’s biggest shareholder after the bailout, with a 23.5 per cent stake, followed by China Insurance’s Rongxin Fund at 18.1 per cent

A pedestrian walks past the China Huarong Tower, which houses the headquarters of China Huarong International Holdings Ltd., a unit of China Huarong Asset Management Co., centre, in Hong Kong, China, on Tuesday, April 13, 2021. Photo: Bloomberg
A pedestrian walks past the China Huarong Tower, which houses the headquarters of China Huarong International Holdings Ltd., a unit of China Huarong Asset Management Co., centre, in Hong Kong, China, on Tuesday, April 13, 2021. Photo: Bloomberg
READ FULL ARTICLE