Caixin
Mar 21, 2022 03:36 PM
FINANCE

China Huarong Returns to Profit in 2021 After State Bailout

Vehicles travel past the China Huarong Asset Management headquarters on Financial Street in Beijing on May 19, 2021. Photo: Bloomberg
Vehicles travel past the China Huarong Asset Management headquarters on Financial Street in Beijing on May 19, 2021. Photo: Bloomberg

(Bloomberg) — China Huarong Asset Management said it returned to profit last year after revamping its sprawling businesses and receiving a $6.6 billion government-orchestrated bailout.

The state-owned bad-debt manager reported a preliminary net income of 370 million yuan ($58 million) for 2021, compared with a record loss of 102.9 billion yuan a year earlier, according to an exchange filing Monday. Huarong is scheduled to release audited full-year results next week.

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