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China debt crunch

China Huarong announces state bailout alongside $16bn loss

Citic leads capital injection for distressed-debt manager

The pandemic and management woes have been a double whammy for Huarong.   © Reuters

SHANGHAI -- China Huarong Asset Management is set to receive a capital injection from a group of companies led by Citic Group, the state-owned bad-debt buyer said Wednesday, as it announced an estimated 102.9 billion yuan ($15.9 billion) net loss for 2020.

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