China has promised to teach its most indebted companies a lesson. Just not yet. Huarong Asset Management, the financial conglomerate that was once a poster child for China’s corporate excess, said Wednesday night that it would get financial assistance from a group of state-backed companies after months of silence about its future. The company also said it had made a $16 billion loss in 2020. Citic Group and China Cinda Asset Management were among the five state-owned firms that will make a strategic investment, Huarong said without providing more details…
Huarong Asset Management, China’s Biggest ‘Bad Bank,’ Will Get a Rescue
