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Caixin

China's Sanpower wins creditor backing for restructuring

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

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

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.

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