China’s top manager of distressed assets, China Huarong Asset Management, said it learned a harsh lesson after taking huge write-downs
The figures, issued late Sunday Hong Kong time, showed that Huarong had made a net loss of about 103 billion yuan last year, equivalent to $15.9 billion, as it took huge write-downs on its assets. Those impairment charges were equivalent to $16.7 billion.that it expected to make a net loss equivalent to about $16 billion for 2020.
In a separate set of results for the six months through June 30, also released Sunday, Huarong said that it had failed to reach minimum regulatory requirements for certain financial measures, such as its capital adequacy and leverage ratios.
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