by Amruth Sundarkumar | Mar 23, 2023 | China, Credit Ratings, High Yield Bonds
Dollar bonds of China Huarong AMC fell by ~1 point after Moody’s placed its Baa2 ratings under review for downgrade. This comes after the company warned of a loss of RMB 27.6bn ($4bn) for 2022 citing erosion in fair values of some of its equity assets and credit...
by Arundhati Behera | Mar 21, 2023 | China, Corporates
China Huarong Asset Management said that it is expecting a loss of RMB 27.6bn ($4bn) for 2022. The bad debt manager cited erosion in fair values of some of its equity assets on the back of volatility in the capital markets as reasons for the massive loss. This comes...
by Amruth Sundarkumar | Dec 2, 2022 | China, Investment Grade Bonds
Some of China Huarong’s dollar bonds were up over 10% yesterday, though there was no specific news regarding the company. Over 30 developers including names like China Vanke, Longfor Properties, Country Garden have received credit lines totaling RMB 2.2tn...
by Amruth Sundarkumar | Sep 22, 2022 | China, Financial Institutions
China’s big-4 asset management companies (AMCs) were downgraded by S&P upon challenging operating conditions due to China’s economic slowdown, market volatility and property sector troubles. Due to this S&P sees weakened earnings prospects. The...
by Amruth Sundarkumar | Aug 30, 2022 | China, Corporates
China’s state-owned distressed debt managers China Huarong and China Cinda posted muted earnings for 1H 2022 on rising credit impairments and the crisis in the real estate sector. Huarong reported a loss of RMB 18.9bn ($2.7bn) vs. a profit of RMB 158.3mn ($22.9mn) in...
