China plans $7.7bn Huarong recapitalisation led by Citic ...Qatar

China Huarong Asset Management Co is poised to receive about 50bn yuan ($7.7bn) of fresh capital as part of an overhaul plan that would shift control of the embattled company to state-owned conglomerate Citic Group, people familiar with the matter said. The plan, some details of which are still being finalised and could change, calls for Citic to assume the Chinese government’s controlling stake in Huarong from the Ministry of Finance, the people said, asking not to be identified discussing a private matter. The capital injection would come from a Citic-led consortium, two of the people said. Broad outlines of the plan have been approved by China’s State Council and could be announced as so

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