Type to search

Debt-Laden Baoneng Plans Asset Sale: Caixin

An office building, logistics park, plots of land and equity in financial companies are up for grabs


In March, Baoneng signed a strategic cooperation agreement with the People's Government of Meishan City and the Bank of Sichuan. Photo: Baoneng

Cash-strapped corporate raider Baoneng Investment Group is hoping to raise money to help pay off $31 billion in debt by selling a mixed bag of assets, Caixin reported on Thursday.

An office building, logistics park, plots of land and equity in financial companies are among the assets for sale by Baoneng, best known for its failed 2015 hostile takeover attempt of leading developer China Vanke.

Caixin reported that Shenzhen-based Baoneng had interest-bearing liabilities of 192.7 billion yuan ($31 billion) as of the end of September, plus 30.8 billion yuan of debt guarantees it provided for other companies.

Read the full report: Caixin

READ MORE:

China State Planner Orders Probes into NEV Projects

George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.

logo

AF China Bond