China Construction Bank (CCB), the country’s second-largest lender, has entered into a RMB 21 billion ($3.1 billion; €2.85 billion) debt-for-equity swap deal with Shandong Energy Group as China tries to cut its ballooning corporate debt, according to media reports.
The bank will set up three funds to invest in the state-owned company, China's fourth-biggest coal producer, according to Reuters.
