China Huarong Asset Management, the country’s largest distressed debt investor, has issued a profit warning on surging credit impairments and property market jitters less than a year after a $6.6bn state-led restructuring.
Credit impairment losses “increased significantly” in the first six months of this year, the company said in a filing late on Tuesday, as it warned of a net loss of Rmb18.9bn ($2.8mn) for the first half of 2022.
The company attributed the loss to the “impact of volatility in the capital market and downturn in the real estate market”, adding that the recurrence of Covid-19 cases, geopolitical conflicts and pressure on the economy were also to blame.
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