For the quick update on the previous article, China Huarong Asset Management Co. redeemed 600 million Singapore dollar bond, US$453 million dollar that matured on April 27, 2021.
When Huarong Asset Management Co. did not release its earning report at the end of March, there was grave concerns about the firm and its coming bonds due. Until now, April 28, there was no performance report except they said overall net income plunged 92% to $32 million. Fitch Ratings lowered its investment-grade credit ration on Huarong to BBB from A, three notch down.
Ping, C.K. (2021, April 27). Chinese Bad-Debt Manager Huarong Repays a $453 Million Bond, Wall Street Journal, retrieved from: https://www.wsj.com/articles/chinese-bad-debt-manager-huarong-repays-a-453-million-bond-11619514012