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China debt crunch

A Chinese imperial guesthouse crumbles in suburban Frankfurt

The $236bn asset cleanup of failed Huarong will lead to an old German racetrack

China Huarong's Frankfurt hotel was intended to be the first overseas outpost of the Diaoyutai luxury hotel brand. (Photo by Jens Kastner)

NIEDERRAD, Germany -- One of these days, the finance professionals charged with cleaning up the disastrous accounts of China Huarong Asset Management are bound to turn their attention to a squat, imperial-style building that sits incomplete and incongruous in the suburbs of Germany's financial capital, Frankfurt.

The edifice in the working-class neighborhood of Niederrad was supposed to be the first overseas outpost of the Diaoyutai luxury hotel brand, named for the regal Beijing compound dating back to the 12th century where the Chinese foreign ministry hosts foreign leaders like Kim Jong Un and Emmanuel Macron.

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