China Huarong Expects to Post $4 Billion Loss for 2022
China Huarong Asset Management Co. Ltd. expects to post a net loss of 27.6 billion yuan ($4 billion) for 2022, the company said, citing factors including volatility in the capital markets leading to declines in the value of some assets, business transition and the real estate industry slump.
The bad-debt manager said it adjusted its business structure last year, resulting in less nonperforming asset acquisition and restructuring and less revenue. The macroeconomic situation and the downturn in the real estate industry led to increased provisions for credit impairment losses, the company said Sunday in a statement to the Hong Kong exchange.
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