• Sat
  • Aug 2, 2014
  • Updated: 4:26pm

Zhejiang

Wenzhou's grey loan market in downturn

Private lending in Wenzhou, Zhejiang, a seedbed for private businesses over the past three decades has plunged since a credit crisis almost crippled the local economy, city data shows.

Monday, 14 May, 2012, 12:00am

Wenzhou's grey loan market in downturn

Private lending in Wenzhou, Zhejiang, a seedbed for private businesses over the past three decades has plunged since a credit crisis almost crippled the local economy, city data shows.

14 May 2012 - 12:00am

Death sentence that left entrepreneurs in shock

The mainland's shadow banking system may have made many people rich, but it also has a dark side.

Billionaire Wu Ying, 30, was sentenced to death in 2009 for illegally raising funds with the intention to defraud - a verdict that has shocked thousands of entrepreneurs in eastern Zhejiang province, as they have used underground loans to grow their businesses.

23 Apr 2012 - 12:00am

Wenzhou tycoon's luxury fleet bid

Wenzhou tycoon Huang Weijian has been a hot online topic on the mainland this month after spending more than 400 million yuan (HK$490 million) to buy and refurbish a luxury cruise ship formerly owned by casino magnate Stanley Ho Hung-sun.

Huang, 40, who has renamed the former Asia Star as the China Star, said the cost was worth it.

30 Mar 2012 - 12:00am

Wenzhou shows way with financial reforms

Beijing said yesterday it would legalise Wenzhou's controversial underground banking sector and allow the city's residents to make direct investments abroad.

29 Mar 2012 - 12:00am

Financing laws face overhaul

Premier Wen Jiabao said yesterday that the central government was considering an overhaul of laws that ban private fund-raising by businesses and individuals and may use the eastern city of Wenzhou as a testing ground for reforms.

15 Mar 2012 - 12:00am