Distressed asset manager China Huarong buys US$1.7 billion stake in Citic

Distressed asset manager China Huarong buys US$1.7 billion stake in Citic

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State-owned distressed-asset manager China Huarong Asset Management has agreed to buy a 5.01 per cent stake in Citic Limited for HK$13.6 billion (US$1.7 billion), according to Huarong’s filing with the Hong Kong stock exchange on Wednesday. Huarong will acquire the stake at HK$9.35 per share from…

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