China Is Going Through A Massive Credit Crunch: Failure of Property Sector Is Causing The Chinese Financial Sector To Implode Spreading Contagion

 https://www.reddit.com/r/wallstreetbets/comments/wdyux9/failure_of_chinas_property_sector_is_causing_the/

In 1997, following the Asian Financial Crisis, the Chinese government created four nationally owned asset management companies (AMCs), namely China Huarong AMC, China Cinda AMC, China Great Wall AMC and China Orient AMC, to focus on managing distressed debt accumulated in state-owned banks.