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China Huarong Asset Management sets up platform for bad debt transactions

China Huarong Asset Management Co. Ltd. established an online platform for bad debt transactions.

Huarong Zhongguancun Distressed Asset Exchange Center Co. Ltd. officially started operations on Feb. 1, the company said in a same-day release. Huarong Exchange Center has a registered capital of 500 million yuan. Its business scope includes distressed assets and other debt assets-related transactions, investing and broker consultation and corporate management consultation.

As of Feb. 1, US$1 was equivalent to 6.30 Chinese yuan.