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China Huarong to auction RMB51.5 bln bad loans on Alibaba's Taobao

BEIJING
2015-12-16 09:31

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China Huarong Asset Management Co., Ltd. (02799.HK) announced on Tuesday that it will put 51.5 billion yuan of bad loans for sale on Taobao.com, an online marketplace owned by Alibaba Group Holding Ltd. (BABA.NYSE).

Huarong is one of China's four state-owned asset management companies that were specially established in 1999 to dispose of non-performing loans of the country's large banks.

According to the bad loan manager, the assets will be available for sale for 90 days, and those that attract significant interest will be sold in an open auction process.

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