Troubled bad debt manager China Huarong Asset Management has named a new president after the role was vacant for nearly six months.
Liang Qiang has been named as Huarong’s president, according to a «Caixin» report citing unnamed sources, and he is expected to start his duties soon.
Liang previously worked with China Great Wall Asset Management as its deputy Communist Party chief and executive director.
«Significant Losses»
The appointment at the top occurs in the midst of continued troubles for Huarong which is reportedly facing a planned overhaul, though no timetable has been set yet.
According to a «New York Time» report citing unnamed sources, this will lead to «significant losses» to foreign and Chinese bondholders.
Huarong currently has over $40 billion of outstanding foreign and domestic debt.
