Six months after its chair Lai Xiaomin was found guilty of corruption and executed, the fate of Huarong Asset Management, China’s biggest bad debt manager, is no clearer and the stakes for Beijing are rising.
One of four state-owned asset management companies established in 1999 to clean up the banking sector’s debts following the Asian financial crisis, the turmoil at Huarong has deepened since the death of Lai.
The failure to release its financial accounts for 2020 and uncertainty over the Rmb1.7tn ($261bn) of assets on its balance sheet has triggered wild swings in the $22bn of dollar-denominated bonds the group sold to international investors.
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