The People's Bank of China officially confirmed that Huarong Asset Management will restructure D'Long Strategic Investment, once hailed as China's largest private conglomerate and now a complete shambles. The move marks the first large-scale government bailout of a private firm. Estimates in state media suggest Dï¿½Long and its scores of subsidiaries operating in fields as diverse as ketchup and airplane manufacturing, owe RMB 73 billion (US$8.79 billion). Huarong will try its best to protect investors and debtors and safely dispose of D'Long's assets, a PBOC official said.
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