Update on Citic Guoan

Citic Guoan is asking for help from Citic.

Caixin: Bank of Beijing to Cover $360 Million Debt of Citic Guoan

Amid rising concerns from the market and creditors, Citic Guoan has asked its former parent Citic Group for help, Caixin has learned. Citic Group reported Citic Guoan’s debt situation to the Ministry of Finance before the Lunar New Year holiday and has created a team to help negotiate a restructuring plan. Details of the plan, however, have not been disclosed.