Business
The echoes of China’s financial crisis are being heard as a giant struggles to survive – Sydney Morning Herald
A state-owned company set up to manage bad debts is itself apparently teetering on the verge of bankruptcy, highlighting the problems in China’s financial system….
Embarrassingly for the Chinese authorities, although it listed In Hong Kong in 2015, it is a state-controlled enterprise. The Ministry of Finance owns a majority of its shares.
The company got itself into trouble, it seems, by expanding beyond its charter as a manager of banks bad debts into quasi banking activities itself; lending to property developers, setting up securities trading businesses and essentially playing in the shadows of the system that the tightly-regulated banks have been forbidden…
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