China’s banks have begun raising billions of renminbi to fund debt-for-equity swaps at the country’s state-owned enterprises, amid questions over whether new investors will get a fair deal.
The swap programme, one of several tactics Beijing hopes will reduce China’s Rmb120tn ($18tn) mountain of corporate debt, could ultimately turn up to Rmb3tn of outstanding loans into equity.
China Construction Bank, the country’s second-largest commercial bank, will manage up to 50 debt-for-equity swaps, using funds raised in part from new wealth management products (WMPs), which are sold to retail customers.
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