$2.4 Billion Invested in Chinese Bad-debt Company
China’s biggest manager of bad debt said on Thursday that it had attracted about $2.4 billion from eight investors, including Goldman Sachs and Warburg Pincus, before an expected initial public offering here.
China Huarong Asset Management, the biggest of the four state-owned companies set up in the late 1990s to take bad loans off the books of the country’s biggest banks, said it sold a 20.98 percent stake to the group of Chinese and foreign investors for 14.54 billion renminbi, or about $2.36 billion, valuing Huarong at about $11 billion.
The other investors are China Life Insurance, Citic Securities, the Malaysian state investment fund Khazanah Nasional, China International Capital Corporation, the Cofco Group and Fosun International. Their individual stakes were not disclosed.
Source: NYT
