China Huarong Sells Consumer Finance Stake to Bank of Ningbo

What’s new: China Huarong Asset Management Co. Ltd. agreed to sell a 70% stake in its consumer finance unit to Bank of Ningbo for 1.09 billion yuan ($172.6 million), the state-owned bad asset manager said late Monday.

The deal is part of Huarong’s efforts to divest assets and focus on its core business as the conglomerate revamps its sprawling businesses after reaching the verge of collapse.