Inside Huarong Bailout That Rocked China’s Financial Elite
- Rescue shows Beijing won’t let Lehman-like moment upend market
- Months-long delay points to waning support for state backstops
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The numbers circulating through official Beijing were even worse than feared.
This was looking like one of the biggest single money-losers in modern Chinese history. But who, if anyone, would be willing to clean up the mess at China Huarong Asset Management Co., the nation’s teetering “bad bank?”