Commentary As China’s real estate sector woes deepen hitting developers and local budgets, policy support is coming to their aid from Beijing. The Chinese Communist Party (CCP) has mobilized its so-called “national asset managers” to support its tottering real estate developers and avert a full-on property market collapse. The asset management companies, which include China Huarong Asset Management, China Cinda Asset Management, China Great Wall Asset Management, and China Orient Asset Management, were originally set up in the 1990s after the Asian financial crisis to buy bad loans from Chinese commercial banks’ balance sheets. More recently, Bloomberg reported that these asset managers were told by the CCP to actively participate in restructuring of real estate developers that need funding, and to acquire loans and projects from developers to free up cash and avoid further defaults. Huarong, which is among the financial firms assisting the developers, had been mired in its …