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China Huarong Asset Management Corp plans to raise up to $2 billion by selling a stake of 15 percent to 20 percent,Chanel Outlet, two sources told Reuters, becoming the country's second asset management company to offer a minority stake to outsiders.Huarong,Cheap USA true religion On Sale true religion jeans Outlet Online Store! True religion Outlet., established in 1999, is the biggest of the four funds that the Chinese government set up to remove an estimated 1.4 trillion yuan ($230 billion) worth of bad loans from the country's top four State lenders as they were preparing for IPOs.Huarong was set up to acquire Industrial and Commercial Bank of China Ltd's (ICBC's) bad assets worth 407.7 billion yuan. ICBC,cheap true religion, which was listed in Hong Kong and Shanghai in 2006,burberry outlet, had accrued the bad assets when the bank made government-directed loans to 71,hotelwestpoint,000 mostly State-owned firms,Cheap chloe bags, media reports at that time said.Huarong's planned fundraising comes at a time when the quality of loans inside the mainland's banking system is under heavy scrutiny amid a slowing economy. Last week's spike in interbank lending rates created a cash crunch that sparked worries across the country's financial system.Huarong has invited banks to make pitches to win an advisory role in the sale,gucci outlet, and recently appointed one to run the process,burberry handbags, according to one of the sources,Cheap chloe bags for sale chloe bags Outlet Online, who asked not to be named as the information was not public yet.China Cinda Asset Management Corp, another bad loan vehicle created by the country,true religion jeans outlet, raised $1.6 billion last year from investors including the National Social Security Fund, Standard Chartered Bank and UBS.Cinda has kicked off an IPO process, informally engaging Bank of America Merrill Lynch,true religion jeans, Credit Suisse, Goldman Sachs and UBS to work on the potential listing, IFR, a Thomson Reuters publication, reported last week.Huarong's eventual goal is to turn into a publicly listed company and the sale of the minority stake is a prelude to an IPO,True Religion Outlet, sources added.Beijing set up Huarong, Cinda,http://www.hotelwestpoint.com/truereligion.html, Great Wall Asset Management Corp and China Orient Asset Management Corp to buy up nonperforming loans from its State-owned banks in preparation for the lenders' eventual listing.China's four asset management companies have all transformed into commercially viable entities after completing their mandates to dispose of bad debts inherited from the Big Four banks. That has enabled them to compete directly with other mainland brokerages and asset management firms.Huarong was restructured into a joint stock financial holding group in 2012 with businesses ranging from asset management, banking,www.esvachamber.org/events/toryburch.html, securities,true religion jeans outlet, trust,princealbertparklandhealth, leasing,bottega veneta outlet, investment,hotelwestpoint, funds, futures and real estate.It manages over 300 billion yuan of assets, and its net profit jumped 66 percent in 2012 to 6.96 billion yuan,http://www.longchamppascherfoolan.fr, according to its annual report. Huarong said it would work with strategic domestic and foreign investors to achieve a listing both at home and abroad.Huarong was not immediately available for comment.Reuters
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