China Huarong swings to annual loss as core business weakens

📆 29/03/2023 09:31 م
📰 ChannelNewsAsia

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China Huarong Asset Management Company Ltd on Wednesday swung to an annual loss due to the weak performance of its distressed asset management business.The company, one of four major state-owned distressed debt managers, said total income from the unit fell 38 per cent to 32.11 billion yuan ($4.66 billion

China Huarong Asset Management Company Ltd on Wednesday swung to an annual loss due to the weak performance of its distressed asset management business.

A combination of factors such as fluctuations in the capital market, the macroeconomic situation and the downturn in the real estate industry impacted the business, the company said.

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