Over the past few weeks, tens of thousands of Chinese homebuyers have banded together and refused to continue paying mortgages on unfinished homes. Homebuyers in China frequently purchase “pre-sale” homes long before developers...
Keith Bradsher of the New York Times reports that China’s Suntech Power Holdings, one of the world’s largest makers of solar panels, was declared bankrupt on Wednesday: Suntech was the Icarus of the solar panel...
Several news agencies including Forbes has reported that a group of Chinese investors have offered a $1.2 billion all-cash bid for the Los Angeles Dodgers. The funding to buy the Dodgers, which declared for bankruptcy earlier...
From Economic Observer Online: Throughout 2008, only 3,500 enterprises formally filed for bankruptcy in China. Hiding behind this tiny number however is the approximately 800,000 businesses that exited the market by either...
Hit by the world economic crisis and new product regulations, Chinese toy companies are scrambling to stay viable. From Times Online: One after another, once-bustling factories are falling silent and closing their doors while...
From Xinhua: A special ordinance on the bankruptcy of banking and financial institutions is being devised so as to establish a market-oriented bail-out mechanism, according to the China Banking Regulatory Commission (CBRC). The...
Central governments have always wanted to get rid of huge, bad debts, but there are no policies that clearly define what bad debts are exactly or how to deal with them. As a result, many local governments mix some high quality assets with bad ones, bankrupt them, and thus escape the loans from banks. From […]
From BBC News: China has introduced a new bankruptcy law that gives creditors precedence over workers when it comes to claiming the assets of failed companies. The law also means that, for the first time, private Chinese firms that have failed will be allowed to collapse. Previously they existed in a legal limbo – their […]
From Xinhuanet: China plans to approve the bankruptcy of around 500 more struggling state-owned enterprises (SOE) by the end of this year. According to the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council, more than 2,000 SOEs will go bankrupt before 2008. The commission has approved 619 of them. Li Wei, deputy […]
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