As China Huarong Asset Management belatedly confirmed the vast amount of red ink it spilled last year, the herculean scope of the government-led rescue is becoming clear — with billions of dollars in offshore bonds and domestic debt at stake.
The scandal-plagued state-owned bad asset manager reported a record loss on Sunday of $102.9 billion yuan ($15.9 billion) for 2020, in line with the preliminary figure it issued Aug. 18. The Beijing-based company missed the March deadline for reporting last year’s results, triggering a suspension of trading in its shares in Hong Kong and roiling markets across Asia as doubts over its financial health festered.
