D'Long debt picture worsens

Securities Market Weekly reported that Xinjiang-based D'Long Group, China's largest private conglomerate, may have run up RMB57bn in debts, double the amount reported after its collapse last year. Latest figures on the jam to airplanes group showed that the group company may have piled up as much as RMB34bn in unpaid obligations while subsidiaries ran up another RMB23bn in debts. Too big to let die, Beijing ordered D'Long to be taken over by state-owned China Huarong Asset Management.