China Huarong Starts Shedding Assets
China Huarong Asset Management Co. Ltd., the country’s largest distressed-asset management company, has started selling its overseas assets — a move that follows Chinese authorities’ announcement last week that former Chairman Lai Xiaomin has been placed under investigation.
Huarong International Financial Holdings Ltd., which has dubbed itself China Huarong’s first multilicensed, overseas-listed financial holdings platform, is shedding its stake in a residential real estate development project at a metro station in Hong Kong through a wholly owned subsidiary, it said in a filing with the stock exchange in the special administrative region.
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