China Huarong Asset Management Co. said that it agreed to sell its stake worth $1.8bn in a regional commercial bank, in an effort to offload non-core assets and restructure its overall business. Huarong signed a contract to sell its holdings in Huarong Xiangjiang Bank Corp to a consortium consisting of Hunan Chasing Financial Holding Group and Central Huijin Investment Ltd. Huarong has been in the process of selling stakes in some of its businesses like its brokerage business in January 2022 to upgrade its financial profile ever since its bailout in November last year.
Huarong’s dollar bonds were trading stable at over 95 cents on the dollar.
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