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  • November 24, 2014
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  1. Sanjiu sells $937m in assets to repay debt

    Posted Sep 30th 2003, 12:00am by Mark O'Neill

    ... with the group in an effort to force it to repay the debts. Its annual interest payments are 470 million yuan. The debt is more than double the group's net asset worth, which was 3.73 billion yuan ... San Jiu Yi Yao spokesman Li Hao said the firm was working with its parent to sell assets to repay its debt, with 1.3 billion yuan already sold. 'Since the Sanjiu [Enterprise] Group ...

  2. Exporters losing billions in debt

    Posted Sep 22nd 2005, 12:00am by Mark O'Neill

    ... they fail to check the creditworthiness of foreign buyers and are reluctant to pursue the debts. A survey of 500 exporters published yesterday by the Ministry of Commerce found that they failed ... foreign-invested firms. 'These firms are weak at all stages of the process- checking the customer before they sign the deal, the payment system they use and pursuing the debt after the goods have been ...

  3. Indebted doctor disappears leaving mountain of debt

    Posted Aug 18th 2003, 12:00am by Mark O'Neill

    ... as chairman and vice-chairman of the company on July 28 and have not been seen since, the China Business Post said. They left behind them $53.25 million worth of debt to financial institutions, ...

  4. Questions as brokerage folds

    Posted May 23rd 2005, 12:00am by Mark O'Neill

    ... that brought down China's fifth-largest brokerage, leaving 20 billion yuan in debt and a lawsuit against four executives for funnelling US$780 million offshore. On May 10, the China Securities ... nationwide. It ranks as one of the biggest corporate failures in the 15 years of the mainland market and raises many questions as to how it incurred such enormous debts and why the regulators did ...

  5. Problem debtors follow mainland business abroad

    Posted Jun 16th 2005, 12:00am by Mark O'Neill

    ... Digital, its United States business partner. The debt pushed the firm into a record loss of 3.7 billion yuan last year and threatens its very survival. Changhong has sued Apex Digital ... who is also general manager of a Beijing consultancy, set up in 1987, with 100 employees that helps Chinese firms recover their foreign debts. He said the US$100 billion foreign receivables ...

  6. US textile lobby rails against bailout

    Posted Dec 03rd 2005, 12:00am by Mark O'Neill

    ... would take over China Worldbest Group- the country's biggest textile and pharmaceutical producer which is crippled with 25 billion yuan of debt- with a loan of five billion yuan from China ... nearly 90 companies since 1992, raising its assets from an initial 140 million yuan to 57.2 billion today, moving into agricultural machinery and pharmaceuticals but accumulating enormous debt ...

  7. UBS pays 1.7b yuan for 20pc of broker

    Posted Sep 26th 2005, 12:00am by Mark O'Neill

    ... use the money to pay off debts owed to individual customers, including money that its staff had misappropriated. The UBS and Beijing Securities websites did not mention the sale and the two ... by foreign firms, waiving the current ceiling of 33 per cent. Driving this change are the enormous debts held by the country's 110 brokerages due to a four-year bear market. Official figures ...

  8. Illegals keep Paris textile scene spinning

    Posted Mar 16th 2005, 12:00am by Mark O'Neill

    ... to 6,000 illegals arrive each year in the greater Paris region, each paying between Euro12,000-Euro13,000, a debt they repay through years of indentured labour. Dong Liwen, 28, a spokesman ... stations,' he said. The illegals are housed in dormitories close to their work and fear to go out, because they lack any papers and most do not speak French. Once they have paid the debt, they can ...

  9. Mainland insurance giant eyes US$790m listing

    Posted Jul 22nd 2003, 12:00am by Mark O'Neill

    ... With assets of more than 60 billion yuan and registered capital of eight billion yuan, the listing vehicle takes over the operations and debts directly related to insurance. The holding company, which has capital of 15.5 billion yuan, takes over operations and debts not directly related to insurance, including the pension obligations of its retired workers, a real-estate company and shares ...

  10. Hengdian first private company to issue short-term bonds

    Posted Nov 11th 2005, 12:00am by Mark O'Neill

    ... approval process. In the 1990s, widespread debt issuance was followed by mass defaults, and the government was left to pick up the bill, the commission's deputy director of finance Ma Jihua said. Mr Ma said the level of corporate governance and transparency was insufficient to protect investors. Since 1992, only 354 billion yuan in new corporate debt issues has reached the market, ...




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