Huarong launches China's first bad debt exchange: paper

Updated 2018-02-03 13:42:03 Xinhua

China Huarong Asset Management Company has set up an online platform for bad debt transactions to broaden channels for disposal of distressed debt.

The new entity, Huarong Zhongguancun Distressed Asset Exchange Company, is the first institution in China dedicated to the trading of bad debt and has a registered capital of 500 million yuan (around 80 million U.S. dollars), according to China Daily.

It opened for business in the Zhongguancun area, which is known for the concentration of tech firms.

The firm was jointly founded by China Huarong, along with Beijing Qibu Tianxia Technology Company and the State-owned Properties Investment & Management Company of Haidian district, Beijing. China Huarong owns a 58 percent stake.

By introducing online transactions for disposal of distressed assets, the company will be able to promote information sharing on bad debt transactions and make the process more standardized, Huarong said in a statement.

The exchange comes as China channels more energy into addressing bad debts to defuse financial risks.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58August 18 2018 04:55:21

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16August 18 2018 04:55:21

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18August 18 2018 04:55:21

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords