Buyout giants size up stake in Chinese bad debt manager China Huarong

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china chinese flagKKR and Blackstone are reportedly among investors interested in buying a stake in bad debt manager China Huarong Asset Management as the business looks to raise more than $2bn.

The business plans to sell between 15 and 20 per cent of itself ahead of an eventual IPO according to Reuters, which cited people familiar with the matter.

Bain Capital and BlackRock are also said to be interested in the stake alongside sovereign wealth funds from Asia and the Middle East.

China Huarong was created by the Chinese government to deal with a build-up of “bad” debt in the country’s banking system.

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