Private equity firm Warburg Pincus has reportedly agreed to invest nearly $700m in China Huarong Asset Management.
Warburg bought the largest portion of a 21 per cent stake sold by the bad-loan manager for RMB14.5bn ($2.4bn), said Bloomberg, citing people with knowledge of the matter.
The consortium also included CITIC, Goldman Sachs, Fosun International, International Capital Corp, China Life Insurance, COFCO and Khazanah Nasional.
Earlier this year it was reported that buyout firms KKR, Blackstone and Apax Partners also expressed interest in the debt manager.
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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