It's official: Huarong takes on D'Long restructuring job

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 D�Long 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.