Other investors preparing to buy into Chinas biggest manager of non-performing loans include Malaysian state investor Khazanah Nasional Bhd, China state-backed CITIC Group , China International Capital, conglomerate Fosun Group and China state-backed COFCO, the people familiar with the matter said.
Citigroup is the advisor for the deal, said the people. CICC, Citigroup, Fosun, Goldman Sachs and Warburg Pincus declined to comment. Officials at Huarong, COFCO, CITIC and Khazanah did not immediately respond to queries.
State-owned bad debt managers like Huarong are benefiting from a rise in non-performing loans in China as the economy slows.
It had assets worth $65.7 billion under management at end-2013 and its net profit for last year jumped 44% to 10.1 billion yuan. Reuters