Aug 09, 2022 05:12 AM

FINANCE

Embattled Developer Yango Group Expects Huarong-Led Bailout

By Chen Bo and Han Wei

As of June 28, Yango Group and its subsidiaries missed debt payments totaling 37.7 billion yuan ($5.6 billion)

As of June 28, Yango Group and its subsidiaries missed debt payments totaling 37.7 billion yuan ($5.6 billion)

Debt-ridden property developer Yango Group Co. (000671.SZ) surged by the daily limit of 10% on the Shenzhen stock exchange amid expectations that a state-owned bad asset manager will step in for a bailout.

Shanghai-based Yango Group has lost nearly half of its market value over the past year as it was snarled in a debt crisis. The shares closed Monday at 2.26 yuan ($0.33).

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