State-run asset management firm Huarong has sold off a number of valuable assets from its financial holdings arm, Caixin Global reports, continuing a week of distress that began with former company chairman Lai Xiaomin being taken under investigation by the country’s regulators.
Huarong International Financial Holdings Ltd. will sell Concept Pioneer, a wholly-owned subsidiary, which handles a stake in a residential real estate development project in Hong Kong, the company told the territory’s stock exchange.
The subsidiary will be sold to Great Discovery Global Ltd., managed by Hong Kong billionaire Pan Sutao, along with an outstanding loan of HK$585.3 million ($74.58 million) for a total of HK$703.3 million.
At the close of 2017 Huarong’s assets totalled RMB1.87 trillion ($300 billion), with a total annual income of RMB128.1 billion.
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