Weekly investor roundup: Huarong to receive $6 billion bailout; APG to invest into HK real estate with Wang On
Chinese bad debt manager Huarong will receive a bailout totalling more than $6 billion; APG and Wang On Properties to invest $599 million into residential real estate in Hong Kong; Temasek cuts stake in Alibaba, Didi; Allianz becomes China's first wholly foreign-owned insurer; Samsung Life Insurance launches joint fund with Korea Post to invest in foreign blue chips; and more
TOP NEWS OF THE WEEK:
Chinese bad debt manager Huarong will receive a bailout totalling more than $6 billion from a consortium of five state firms.
Huarong will receive new capital totalling Rmb42 billion ($6.6 billion) from a consortium led by Citic Group, according to an exchange filing.
The consortium also includes China Insurance Investment’s Rongxin Fund, China Cinda Asset Management, China Life and a unit of Industrial and Commercial Bank of China (ICBC).
Source: Finew…
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