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One of China’s poorest and most indebted provinces has admitted defeat in trying to sort out its finances and is appealing to Beijing for help to avert default.

Guizhou, located in a mountainous region of southwest China, has hired a top state-owned distressed debt fund, China Cinda Asset Management, to resolve its “urgent” problems. Its total debt, including the “hidden debt” issued by the government’s financing arms, had reached 25 trillion yuan ($3.6 trillion) by the end of 2021, according to the most recent available data.

The Beijing-based firm — one of four funds created by the Chinese government in 1999 to process the bad loans of state-owned banks — announced Saturday that it would send a group of 50 experts to the province to help it “prevent and defuse risks” and “bail out” the real estate industry.
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