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Caixin

The herculean task of bailing out China Huarong

State-owned asset manager's bonds have rallied, but outlook still murky

The restructuring is likely to lead to an ownership change.  Huarong was controlled by the Ministry of Finance, with a stake of 61%, as of June 2020.   © AP

As China Huarong Asset Management belatedly confirmed the vast amount of red ink it spilled last year, the herculean scope of the government-led rescue is becoming clear — with billions of dollars in offshore bonds and domestic debt at stake.

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