China Huarong AMC announced progress in its non-core assets disposal plans noting that it will sell its entire 79.6% stake in Huarong Zhongguancun Distressed Asset Exchange Center Co. Ltd. to Banking Credit Asset Registration and Circulation Center Co . Ltd., according to an exchange filing. The equity transfer will be conducted through China Beijing Equity Exchange with an assessment price of RMB 323.176mn ($50mn). In a separate filing, China Huarong also said it intends to sell its entire 71.99% stake in Huarong Securities through a property rights transfer agency. The value of the stake is subject to valuation results filed with the Ministry of Finance. Meanwhile details are pending on the planned investment from a Citic Group-led consortium for Huarong since mid-August.
Huarong’s dollar bonds were higher with its 4% Perp up 0.7 to 92.62.