A venture run by Citigroup Inc., the world’s biggest financial services company, agreed to buy non- performing loans worth 36.4 billion yuan ($4.5 billion) in China, Asia’s biggest bad-debt market.
The venture paid 546.6 million yuan, or 1.5 percent of the outstanding loan balance, for assets at China Huarong Asset Management Corp., said Silver Grant International Industries Ltd., Citigroup’s venture partner, in a statement on Nov. 25.
For this complete story, please visit Citigroup Unit to Buy $4.5 billion Bad Debt in China.
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