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...
by Amruth Sundarkumar | Aug 23, 2022 | China, Corporates
China Huarong’s dollar bonds filled the losers list yesterday after the bad-debt manager was placed on review for a downgrade by Moody’s. The rating action was taken in response to Huarong’s $2.8bn loss warning last week for 1H 2022 where it said...
by Amruth Sundarkumar | Aug 17, 2022 | China, Investment Grade Bonds
China Huarong said that it expects a net loss of RMB 18.9bn ($2.8bn) in H1 2022 after credit impairment losses “increased significantly”. The asset manager said that the impact of capital market volatility and the “downturn in the real estate market” were adding...
by Amruth Sundarkumar | Jun 13, 2022 | China, Corporates
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...
