Alibaba's Taobao Adds China's Largest Bad-Loan Manager
- Huarong latest to sell bad assets on Taobao online marketplace
- Huarong assets worth $8 billion are up for sale on Taobao
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Alibaba Group Holding Ltd. has signed up China’s largest bad loans manager to sell troubled assets through its online marketplace as the e-commerce giant seeks to extend its reach beyond retail sales.
China Huarong Asset Management Co. is putting bad assets worth as much as 51.5 billion yuan ($8 billion) for sale on Alibaba’s Taobao.com, Huarong said in a statement Tuesday. Huarong will solicit investor interest for the assets for 90 days, and auctions will be held through Taobao when there’s enough interest for any of the assets, Huarong said.