A distressed asset does not cry out to be bought by anyone other than a specialist. Fortunately, there are a few of these in China, where bad debts are plentiful. For the brave, there is a new chance to buy into such expertise, as one of China’s top four managers of bad assets lists in Hong Kong.
China Huarong Asset Management
will close the books on its initial public offering tomorrow, selling new shares worth as much as $2.9bn, or 17 per cent of the enlarged share capital. The proceeds will be used to develop the company’s businesses. The bulk will go to distressed asset management, Huarong’s largest division, which contributes more than half of group pre-tax profit.
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