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 | 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 | Mar 11, 2022 | China, Corporates, Investment Grade Bonds
State-backed China Orient Asset Management is issuing an RMB 10bn ($1.6bn) bond where proceeds will be used to “help with the disposal of bad assets and resolve financial risks in the property market”, as per a filing with the National Interbank Funding Center. The...
by Amruth Sundarkumar | Jun 3, 2021 | China
Bonds of Chinese bad-debt asset management companies (AMCs) China Huarong Asset Management Co (CHAMC), China Cinda Asset Management Co, China Orient Asset Management Co and Great Wall Asset Management dropped further on Wednesday. Ever since Huarong’s delay in filing...
