Huarong earnings exceed 10 billion yuan in first 3 quarters

China's largest financial asset management corporation, China Huarong Asset Management Co., Ltd., reported profits of 10.323 billion yuan (1.68 billion U.S.dollars) in the first three quarters on Tuesday, up 56.01 percent compared with 2012.

Total profits from the past nine months have amounted to 95.58 percent of the company's annual profit target of 10.8 billion yuan, according to information on its website.

Once a state-owned debt clearer, China Huarong became a joint stock company with diverse financial businesses in October 2012. The market-oriented transformation has seen net assets in its parent company grow by 9.445 billion yuan, up 32.01 percent by the end of September.

Huarong is expected to issue financial bonds worth 12 billion yuan in early November and is now in the process of introducing strategic investors. It is also considering setting up a branch in the Shanghai Free Trade Zone, the website said.

Huarong is one of China's four state-owned asset management companies set up in 1999 to tackle bad loans, the other three being Cinda, Great Wall and Orient.