Caixin Media’s WeNews states that China Huarong has begun disposing seven units, of which one operates in non-performing asset trading and one is a local asset-management company, with a combined CNY 700bn ($109bn) in assets as part of a restructuring. Caixin reports that this will help repay billions in local bonds and reduce financial risks. They mention that Huarong’s total assets will now fall to ~CNY 1tn ($156bn) after the asset sales. The news is the latest update on the bad-debt AMC as speculation continues on its financial health and state support to the company. Huarong did not comment or confirm on the news.
Huarong’s dollar bonds were largely stable – its 2.875% Perps were at 80.1.
For the full story, click here