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China’s very bad bank: Inside the Huarong debt debacle The very institution that was created to solve China’s debt problems has caused a new one, and creditors are awaiting Beijing’s response Bloomberg It has been 11 weeks since Lai Xiaomin (賴小民), the man once known as the God of Wealth, was executed on a cold Friday morning in the Chinese city of Tianjin. However, his shadow still hangs over one of the most dramatic corruption stories ever to come out of China — a tale that has now set nerves on edge around the financial world. At its center is China Huarong Asset Management ...

China’s Very Bad Bank: Inside the Huarong Debt Debacle Bloomberg 1 hr ago Bloomberg News (Bloomberg) -- It’s been 11 weeks since Lai Xiaomin, the man once known as the God of Wealth, was executed on a cold Friday morning in the Chinese city of Tianjin. But his shadow still hangs over one of the most dramatic corruption stories ever to come out of China – a tale that has now set nerves on edge around the financial world. At its center is China Huarong Asset Management Co., the state financial company that Lai lorded over until getting ensnared in a sweeping crackdown on...