China Huarong, one of the four asset management companies created to take bad debts off of the books of Chinese banks, has reported a healthy jump in quarterly profits as it continues talking to potential strategic investors.
In a Chinese language statement on its website, Huarong said its earnings for the first quarter were Rmb5.1bn ($8bn), a 75 per cent increase on the same period last year.
Huarong was set up in the late 1990s to take over the bad debts of China's biggest bank, ICBC.
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