Wenzhou has witnessed a worrying resurgence of NPLs, which some fear could become a nationwide problem
(Wenzhou) – The amount and ratio of non-performing loans (NPLs) in the banking sector are increasing after steadily dropping for years as major state-owned banks finished share ownership reform and went public in the early 2000s.
By late 2011, the NPL ratio for the entire banking industry stood at less than 1 percent, and while there [...]
Hangzhou
Since I went uber-bearish on China real estate more than a year ago, it has long been expected here that the real estate market will be under pressure from highly-leveraged real estate developers, and some will go bust.
Apparently, one unknown real estate developer in Hangzhou has just gone bust. Hangzhou Jinxing Property’s (some sources translated its name as Venus real estate company) application for bankruptcy protection has been accepted by the court, according to sources including ifeng.com. [...]
The cooling of China’s real estate sector is good for the economy. But the government is right to be worried about the social consequences of the bubble bursting.
In October, Beijing announced that four city and provincial governments – Shanghai, Shenzhen, Zhejiang and Guangdong – would be allowed to start issuing bonds for the first time in China’s history. Zhejiang is expected to issue $8 billion yuan in bonds, including half three-year bonds [...]
STOCKHOLM – Saab, the Swedish car company renowned for its sometimes quirky designs, moved closer to bankruptcy Thursday after it conceded that it didn’t have any money to pay employees’ wages.
After months of production stoppages and problems with paying suppliers, Saab said the situation is so dire that it won’t be able to pay its 3,700 employees, raising doubts over how long the brand can [...]
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