Goldman Sachs, Deutsche Bank and Morgan Stanley have held talks with one of China’s biggest bad banks about investing in its $1.5bn stake sale ahead of a planned Hong Kong listing next year, according to people close to the process.
The move is one sign that the Chinese government will not entirely bail out the next round of problem loans emerging from China’s credit boom, but will instead rely more on market driven remedies.
The capital raising by state-owned Huarong is expected ahead of an initial public offering of its larger bad bank cousin, Cinda, later this year.
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