China Huarong sells stake to eight in­vestors

China Daily (Canada) - - BUSINESS -

Chi­naHuarong As­setMan­age­ment Co, the na­tion’s largest bad-as­sets man­ager, sold a 20.98 per­cent stake in the com­pany for 14.5 bil­lion yuan ($2.4 bil­lion) to eight in­vestors, in­clud­ing Gold­man Sachs Group Inc, be­fore an ini­tial share sale. Also buy­ing shares were Malaysian sov­er­eign fund Khaz­anah Na­sional Bhd andWar­burg Pin­cus LLC, China Life In­sur­ance (Group) Co, Fo­sun In­ter­na­tional Ltd, China In­ter­na­tional Cap­i­tal Corp, a CITIC Se­cu­ri­ties Co unit and COFCO Corp, Huarong said in a book­let dis­trib­uted at a briefing in Bei­jing on Thurs­day. Huarong sold the stake as ris­ing delin­quen­cies add to op­por­tu­ni­ties for buy­ers of bad debt.

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