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Embattled Huarong to sell multibillion-dollar assets

As rescue plan gets underway, disposals will see its assets shrink to about 1tn yuan

Debt-ridden China Huarong Asset Management is attempting to raise cash by selling its stakes in seven units as part of a restructuring to help repay billions of yuan of bonds and reduce the financial risks accumulated from years of corruption and bad investments.

The assets to be offloaded are holdings in five financial units, including a regional lender, a nonperforming assets trading company and a regional asset management company (AMC), sources with knowledge of the matter told Caixin. The seven companies hold a combined 700 billion yuan ($109 billion) in total assets.

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