ICBC to the Rescue for Huarong to Meet SGD Bond Repayment
Chinese state-owned banking major Industrial & Commercial Bank of China’s (ICBC) Singapore branch came to the rescue of distressed asset manager China Huarong Asset Management Co. with the former granting a S$600mn ($452mn) loan to the latter to repay its...
Huarong to Delay Earnings Beyond April 30 Deadline as “Auditors Need More Time”
China Huarong Asset Management Co. announced that it will be further delaying the release of its annual earnings beyond the April 30 deadline. The company released a statement on Chinamoney.com, which is run by China Foreign Exchange Trade System that stated,...
More Details On Huarong’s Earnings Delay Emerge
Further details on China Huarong’s reason for its earnings delay have emerged. Sources say that Huarong’s earnings were delayed because a plan for the PBOC to buy Huarong assets through Beijing Chengfang Huida Enterprise Management Co Ltd as part of a restructuring...
