Ping An Bank Lists $166 Million Baoneng’s Debts for Sale

What’s new: Ping An Bank Co. Ltd. is selling 1.2 billion yuan ($166 million) of debt lent to three affiliates to Baoneng Investment Group, a Shenzhen-based conglomerate mired in debt crisis since 2021.

The debts were collateralized by assets including 32 residential units and 112 units of logistics property owned by the borrowers. The debts are listed for sale at the public auction platform operated by Alibaba Group. The listing period lasts from Dec. 15 to June 12, 2024.