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China debt crunch

China Huarong shareholders back consumer unit exit and new president

Moves aimed at shoring up embattled distressed debt manager

Huarong is one of four big distressed debt managers set up by Chinese authorities.   © Reuters

HONG KONG -- Embattled state-owned debt buyer China Huarong Asset Management received shareholder approval on Tuesday to exit a unit, restructure another and appoint a new executive director as it confronts its own default deadline.

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