China Sets Up Online Exchange To Handle Distressed Assets

China has a new way to deal with its growing pile of bad corporate debt with the establishment of the nation’s first online distressed asset exchange. China Huarong Asset Management Co Ltd, a large state-owned asset manager, last week launched an online platform for bad debt transactions named the Huarong Zhongguancun Distressed Asset Exchange Co. The new entity is the first institution in China dedicated to the trading of bad debt and will have a registered capital of RMB500 million (US$80 …

China Huarong Chairman Lai Xiaomin Is Investigated For Severe Disciplinary Breaches

The Chinese State Commission of the Central Commission for Discipline Inspection has disclosed that Lai Xiaomin, party secretary and chairman of China Huarong Asset Management Co., Ltd., was suspected of serious violation of laws and regulations and is currently undergoing disciplinary review and investigations, China’s Xinhua News Agency reported.