Huarong Rescue Moves Forward With 6.15 Billion-Yuan Trust Unit Sale

Scandal-ridden financial conglomerate, Huarong, has been trying to sell assets to repay its debts, often with few takers. Photo: VCG

A state-backed bailout fund has completed its 6.15 billion yuan ($907 million) takeover of a trust subsidiary of China Huarong Asset Management Co. Ltd., marking the latest step in the multibillion-dollar restructuring of the scandal-plagued state-owned financial conglomerate.

The trust firm, Huarong International Trust Co. Ltd., announced on Monday that the completion took place on Feb. 1, about a month after Huarong transferred its entire 76.79% stake to China Trust Protection Fund Co. Ltd. (CTPFC). Li Yongfeng, a vice president of the trust bailout fund manager, has been appointed Communist Party chief of Huarong International Trust, according to the announcement.

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