Heavily-indebted: A Suning.com store in Shanghai. China is taking advantage of a strengthening economy and stable financial markets to clean up its corporate sector. — Bloomberg
BEIJING: Chinese billionaire Zhang Jindong secured a US$1.36bil (RM5.65bil) state-backed bailout for the troubled retail arm of his Suning empire, marking another step in Beijing’s efforts to clean up its heavily-indebted conglomerates.
A group of investors, led by the Nanjing state asset management committee and the Jiangsu provincial government, will take a 16.96% stake in Suning.com Co, according to a statement.
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