Huarong Asset Management, assigned to auction off US$2.4 billion in nonperforming loans from the Industrial and Commercial Bank of China, is facing a lack of response from foreign banks, reported the Hong Kong Standard. The winning bidder would be compelled to set up a joint venture with Huarong, which would hold a 51%, and control restructuring. It would also require its partner to pay a premium to the bidding price to close the transaction.
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