Caixin
Jun 10, 2022 09:37 PM
FINANCE

Scandal-Plagued China Huarong Sells $1.8 Billion Stake in Regional Lender

China Huarong International’s office buildings in Fuzhou, East China’s Fujian province, in September 2021. Photo: VCG
China Huarong International’s office buildings in Fuzhou, East China’s Fujian province, in September 2021. Photo: VCG

Debt-ridden China Huarong Asset Management Co. Ltd. said it has agreed to sell its stake in a regional commercial bank, as the embattled firm continues to offload assets and restructure its sprawling business.

Huarong has signed a contract with a consortium consisting of Hunan Chasing Financial Holding Group Co. Ltd. and Central Huijin Investment Ltd. to sell them its holdings in Huarong Xiangjiang Bank Corp. Ltd., according to the company’s filing to the Hong Kong Stock Exchange on Thursday.

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