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Chinese local governments set up more distressed asset managers

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As China's financial regulator accelerates the efforts to tackle the bad debt amid the weakening economy, local governments are setting up more distressed-asset management companies.

On June 11, Changsha Xiangjiang Asset Management Co. Ltd was officially set up, making it the second local distressed asset manager in Hunan province. Earlier this month, Shenzhen city set up the Shenzhen Asset Management Co. Ltd.

An executive at a provincial-level asset management company (AMC) told . . .

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