China Huarong Asset Management Co. plans to raise as much as 42 billion yuan ($6.6 billion) by selling shares to a group of state-backed investors and said it will divest more assets as it unveiled long-waited details on a rescue package to keep the troubled bad-debt manager afloat, Bloomberg News reported. The Beijing-based firm will sell no more than 41.2 billion shares to investors led by Citic Group at 1.02 yuan apiece, a 23% premium to the last closing price before the suspension of trading, according to a Hong Kong Stock Exchange filing late Wednesday.

The Turkish lira tumbled to a record low after the central bank cut borrowing costs for a third straight month, a move that risks further undermining price stability while eroding what little confidence investors had in the nation’s policy makers, Bloomberg News reported. The lira fell as much as 6% to 11.3118 against the dollar, the biggest decline in eight months. Officials cut the one-week repo rate by 100 basis points to 15%, in line with the median estimate in a Bloomberg survey, and said they would consider ending the easing cycle next month.

China plans to let property companies resume issuance of asset-backed securities, ending a three-month market freeze as authorities move to insulate higher-rated developers from an industrywide funding crunch, Bloomberg News reported. Financial regulators recently told Chinese exchanges that “high quality” developers can apply to issue new ABS to repay outstanding debt, people familiar with the matter said, asking not to be identified discussing private information. A unit of state-owned developer China Resources Land plans to issue 520 million yuan ($81.5 million) of ABS this week.

Suning.com, a Chinese retail and e-commerce conglomerate, posted a statement Tuesday morning on Twitter-like social media platform Weibo, saying that the topic reading “Suning.com to declare bankruptcy at the end of December” was a rumor and that the company was operating normally, Pandaily.com reported. It has also reported the incident to public security officials, and the rumormongers will be investigated for legal responsibility according to law. At the end of October, Suning.com released its financial report for the third quarter of 2021.

Hong Kong banks have to renegotiate HK$1.6 trillion ($205 billion) in contracts linked to the London interbank offered rate before the benchmark ceases as corporate customers have been slow in transitioning to alternatives, the city’s de-facto central bank said, Bloomberg News reported. At the end of September, Hong Kong lenders had HK$4.3 trillion of assets, HK$1.2 trillion of liabilities and HK$34.9 trillion in derivative contracts tied to Libor, according to the Hong Kong Monetary Authority.

As developer China Evergrande Group scrambles to meet its debt obligations, its founder is freeing up funds from luxury assets including art, calligraphy and three high-end homes, Reuters reported. Chinese authorities have told Evergrande chairman Hui Ka Yan to use some of his personal wealth to help pay bondholders. Evergrande's troubles in meeting bond repayments have rattled markets and left many of its investors, creditors and suppliers in financial chaos.

A Mumbai court has ordered the liquidation of Nakshatra Brands owned by fugitive diamond trader Mehul Choksi, who is charged with duping banks of thousands of crores of rupees, the Economic Times of India reported. This would be another case where recoveries are likely to be less than 5% of the total exposure, estimated at about Rs 1,500 crore. The Mumbai Bench of National Company Law Tribunal (NCLT) ordered the winding up of the entity, one of the group companies promoted by Choksi.

At least some of Chinese developer Kaisa Group Holdings Ltd.’s creditors haven’t received bond interest that was due last week, according to people with knowledge of the matter, starting the clock on a 30-day grace period before a default, Bloomberg News reported. As of 6 a.m. in New York on Nov. 15, investors in Kaisa’s dollar bonds had yet to receive their payments, said the people, who asked not to be named discussing a private matter. The developer had coupon payments totaling $88.4 million due on Nov. 11 and Nov. 12.

An expert panel has suggested designing a national dashboard for insolvency data, saying "reliable real-time data" is essential to assess the performance of the insolvency process under the IBC, the Economic Times of India reported. The Insolvency and Bankruptcy Code (IBC), which provides for a time-bound and market-linked resolution of stressed assets, has been in force for more than five years now.

Sunac China Holdings Ltd. raised about $953 million through the sale of new shares as well as a stake in its property management unit, the latest Chinese developer to seek funds amid an industry-wide liquidity crunch, Bloomberg News reported. Sunac said it sold 335 million shares at a price of HK$15.18 each, raising about $653 million, in a statement Sunday. Another $300 million came from a sale of 158 million shares in its property management arm Sunac Services Holdings Ltd., via a subsidiary. Sunac Services shares were sold at HK$14.75, a discount of 11% to Friday’s closing price.