JOURNAL ARTICLE

Citic Group buys China Huarong Financial Leasing stake.

  • Published In: China Economic Review.com, 2024. P. 4 1 of 2

  • Database: Business Source Ultimate 2 of 2

Abstract

Citic Group has acquired a 60% stake in China Huarong Financial Leasing for RMB 12 billion ($1.65 billion) from China Citic Financial Asset Management. The purpose of this transaction is to allow China Citic Financial Asset Management to divest non-core financial assets and focus on its core business. China Huarong Financial Leasing, formerly known as China Huarong Asset Management, was bailed out by Citic Group in 2021 to prevent defaulting on offshore bonds. Established in 1999, Huarong was one of four state-owned asset management companies tasked with disposing of nonperforming assets held by China's "Big Four" state banks. [Extracted from the article]

Additional Information

  • Source:China Economic Review.com. 2024/05, p4
  • Document Type:Article
  • Subject Area:Business and Management
  • Publication Date:2024
  • Accession Number:177648881
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