China Fights Latest Debt Crisis With Firm That Caused Last One
- Huarong and peers were told to aid developers, small banks
- Investors remain jittery and divided over AMCs’ new mandate
This article is for subscribers only.
Three months ago, Chinese authorities saved the country’s largest manager of distressed debt from a potentially disastrous collapse.
Now, they’re turning China Huarong Asset Management Co. and its peers into a key line of defense for the $54 trillion financial system as defaults in the property sector soar.