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
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
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 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
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
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