Lai Xiaomin was once dubbed the “God of Fortune”. Xiaomin used to control Huarong Asset Management or China Huarong, a state-owned asset management company in China. Used to because he doesn’t anymore. On Jan 2021, Xiaomin was executed, 24 days after he was sentenced to death for receiving bribes and committing bigamy. China Huarong was established in 1999 by the China government in response to the 1997 Asian Financial Crisis. As a government-approved financial asset management firm, Huarong acquired RMB 407 million non-performing loans from ICBC bank. The idea is Chinese government provide the funding to acquire these loans so that ICBC bank would be kept in a pristine condition. From a third person perspective, this does not make much different as ICBC is also state owned. However, this is like Kyith keeping two separate special-purpose-vehicle (SPV). One will house my mortgage loan and the other the investment property. If...