Zhu Kuan debacle heats up

Foreign bankers determined not to give up on the defaulting Zhuhai city government.

Oscar Wilde once said that losing one parent was a tragedy, while losing two was careless. Initially, observers can't help but share similar feelings over the latest debacle involving a raft of foreign banks lending to the mainland, in this case, just under $1 billion in loans to the window company of the Zhuhai city government, Zhu Kuan.

The creditors are Standard Chartered, Bank of America and Bank of China HK. The latter is the single biggest creditor, although with a less than 50% share.

The case is, of course, reminiscent of the Guangdong international trade and investment company GITIC which was officially declared bankrupt in...

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