Who Needs IMF When You Have Alibaba? China Sells Bad Debt Online
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Thirty years ago China may have turned to global development banks for help cleaning up surging bad debts. In 2015, it’s tapping Internet billionaire Jack Ma.
Ma’s Alibaba Group Holding Ltd. will cooperate with the biggest state-owned loan restructurer to dispose of more than 4 billion yuan ($645 million) of non-performing assets on its online shopping platform Taobao. China Cinda Asset Management Co., which announced the tieup with Ma last week, saw profits rise 32 percent to a record in 2014.