China's Sanpower wins creditor backing for restructuring

State-owned asset manager pitches in over 10% to cover $10bn debt

20211201 Beijing Department AP_131649744427.jpg

China's iconic Wangfujing Department Store in Beijing is one of the assets Sanpower plans to sell to cover debts. © AP

ZHU LIANGTAO and HAN WEI, Caixin

China's debt-laden private conglomerate Sanpower Group won creditors' approval to carry out a long-discussed restructuring to address its nearly $10 billion of debt.

State-owned distressed asset manager China Huarong Asset Management will provide 8 billion yuan ($1.25 billion) of fresh funding for the rescue, according to the plan.

Sponsored Content

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