Huarong Asset Management has unveiled investment agreements with Chinese companies, including state-backed Citic, as the under-pressure bad debt manager announced it lost more than Rmb100bn ($15.4bn) last year.
The company said late on Wednesday that Citic, fellow bad debt manager Cinda Asset Management, China Insurance Investment, China Life Asset Management and Sino-Ocean Capital Holding intended to make strategic investments.
The announcement is a breakthrough for China’s biggest distressed debt investor, which was plunged into turmoil after it failed to release its annual financial results in April.
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