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There is pressure to resolve the fate of China's bad debt manager Huarong

There is pressure to resolve the fate of China’s bad debt manager Huarong
Six months after President Lai Xiaomin was found guilty of corruption and executed, Huarong Asset Management, the fate of China’s biggest bad debt manager, is no clearer and its commitment to Beijing is growing.
One of the four state-owned asset management companies created in 1999 to clear the debts of the banking sector after the Asian financial crisis, the turmoil in Huarong has deepened since Lai’s death.
The failure to release its financial accounts for 2020 and the lack of Rmb1.7tn ($ 261 billion) in assets on the balance sheet has caused major uncertainties in the $ 22 billion in bonds the group sold to international investors. ....

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UPDATE 1-China regulator approves opening of fifth nationwide bad loan bank

By Reuters Staff
(Adds detail, background)
BEIJING, Dec 17 (Reuters) - China’s banking and insurance regulator said on Thursday it has approved the opening of China Galaxy Asset Management Co., Ltd, the fifth asset management company in the country that will mainly deal with bad loans and toxic assets nationwide.
Chinese banks are braced for rising bad debt in the coming months as policies designed to give borrowers breathing space on loans during the coronavirus crisis expire.
The newly set-up company is 65% held by China Galaxy Financial Holdings, and 13.3% by Central Huijin Investment Co, an investment arm of China’s sovereign fund China Investment Corp, the China Banking and Insurance Regulatory Commission said in a statement on its website. ....

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