ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print
China debt crunch

China's gets bailout from local governments and Alibaba

Suppliers join in rescue of debt-strapped retailer of appliances and electronics

Shares of jumped by the maximum 10% on July 6, as trading resumed after a three-week halt. (Source photos by AP and Reuters) 

HONG KONG -- Troubled Chinese retailer has secured a $1.4 billion bailout, backed by local government funds, suppliers and Alibaba Group Holding, as Beijing seeks to calm jittery debt markets that could undermine economic momentum., a leading seller of home appliances and consumer electronics, said in a filing Tuesday that billionaire founder Zhang Jindong, his trust and two of his Suning holding companies had agreed to yield their controlling interest in the retailer, with a 16.96% stake to pass to a consortium led by the government of Jiangsu Province and the state asset management committee of Nanjing, the provincial capital where is based.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more