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  • Mr. Jayadeva Ranade at Globesec Conference, Prague
  • Mr. Jayadeva Ranade at Globesec Conference, Prague
  • Mr. Jayadeva Ranade at Globesec Conference, Prague

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CHINA-ECONOMY: CHINA'S FOREIGN INVESTMENT DEPARTMENT OF THE NATIONAL DEVELOPMENT AND REFORM COMMISSION DISCUSSES FOREIGN DEBTS WITH KEY BUSINESSES

Sina (October 27) reported that on October 26, China’s Foreign Investment Department of the Development and Reform Commission, together with the Capital Department of the Foreign Exchange Bureau, held a forum with some key industry players to discuss their foreign debts. It also disclosed that nine Chinese real estate companies have missed the payments on their U.S. dollar debts, including Oceanwide Holdings (泛海控股), Fantasia (花样年), China Fortune Land Development (华夏幸福), Sunshine 100 China (阳光100中国), The Tianfang Group (天房集团), The Sannong Group (泰禾集团), Sinic Holdings (新力控股), Languang Dev (蓝光发展), and Modern Land (当代置业). The combined unpaid debt is US$ 28.073 billion. (Comment: Fantasia (花样年) is owned by former PBSC member Zeng Qinghong's niece -- brother's daughter. Zeng Qignhong was a very close associate of Chinese President Jiang Zemin. )