Huarong Sends $1.7 Billion Back to Citic Group After Asset Sales (original) (raw)

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China Huarong’s headquarters in Beijing in May 2021. Photo: Bloomberg

(Bloomberg) — China Huarong Asset Management Co. Ltd. returned almost $2 billion to Citic Group Corp. through an investment, in a sign of closer ties after the financial conglomerate led a bailout of the bad debt manager two years ago.

Huarong agreed to buy a 5% stake in Citic Ltd. for HK$13.6 billion ($1.7 billion) from another one of the group’s entities. It will pay HK$9.35 a share, a 29% premium to Wednesday’s closing price, according to a filing.

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