#OceanPark #BankOfChina
3.1 Billion of 5.4 Billion Ocean Park Financial Subsidy Commercial Debt From Bank of China
A meeting for the approval of a 5.4 billion financial subsidy to Ocean Park was held today by the Finance Committee. It was finally confessed that about 3.1 billion was commercial debt from the Bank of China. LEGCO member Jeremy Tam pointed out that since there is no guarantor in the debt, the government is not obligated to payback the debt even if Ocean Park closes down. "The only one who suffers from this loss is the Bank of China". Eddie Chu also questioned the true purpose of the subsidy "Is it really for saving Ocean Park? Or saving the Bank of China?"
Source: Inmedia
#May22 #Debt
3.1 Billion of 5.4 Billion Ocean Park Financial Subsidy Commercial Debt From Bank of China
A meeting for the approval of a 5.4 billion financial subsidy to Ocean Park was held today by the Finance Committee. It was finally confessed that about 3.1 billion was commercial debt from the Bank of China. LEGCO member Jeremy Tam pointed out that since there is no guarantor in the debt, the government is not obligated to payback the debt even if Ocean Park closes down. "The only one who suffers from this loss is the Bank of China". Eddie Chu also questioned the true purpose of the subsidy "Is it really for saving Ocean Park? Or saving the Bank of China?"
Source: Inmedia
#May22 #Debt
Republic of China Debts Recalled as US Senator Introduces Resolution Demanding China to Repay USD$1.6 Trillion Debt
US Republican Senator Martha McSally put forward a resolution on Thursday demanding China to repay its sovereign debt of more than USD$1.6 trillion (around HKD$12.5 trillion), interests included, to US bondholders.
McSally said, āChina has repeatedly failed to honor its obligations to America, taking American familiesā money and jobsā¦ We are holding China accountable for its debt and for unleashing the coronavirus on the world. We demand China pay back the $1.6 trillion it owes to American families.ā
The bonds were issued in 1912 by the Republic of China, which subsequently migrated to Taiwan. The Peopleās Republic of China established its sovereignty in 1949 and insists that Taiwan is part of China. According to international law, a successor state is responsible for the debts of its predecessor.
#PRC #MarthaMcSally #McSally #coronavirus #debt #sovereigndebt #ROC #Taiwan
Source: Apple Daily #Aug14
https://hk.appledaily.com/international/20200814/NUXWIHXV7NFZPI5J77CJ7IRGUM/
US Republican Senator Martha McSally put forward a resolution on Thursday demanding China to repay its sovereign debt of more than USD$1.6 trillion (around HKD$12.5 trillion), interests included, to US bondholders.
McSally said, āChina has repeatedly failed to honor its obligations to America, taking American familiesā money and jobsā¦ We are holding China accountable for its debt and for unleashing the coronavirus on the world. We demand China pay back the $1.6 trillion it owes to American families.ā
The bonds were issued in 1912 by the Republic of China, which subsequently migrated to Taiwan. The Peopleās Republic of China established its sovereignty in 1949 and insists that Taiwan is part of China. According to international law, a successor state is responsible for the debts of its predecessor.
#PRC #MarthaMcSally #McSally #coronavirus #debt #sovereigndebt #ROC #Taiwan
Source: Apple Daily #Aug14
https://hk.appledaily.com/international/20200814/NUXWIHXV7NFZPI5J77CJ7IRGUM/
China's debt-trap diplomacy
American statesman John Adams, who served as president from 1797 to 1801, famously said, āThere are two ways to conquer and enslave a country: One is by the sword; the other is by debt.ā China, choosing the second path, has embraced colonial-era practices and rapidly emerged as the worldās biggest official creditor.
With its international loans surpassing more than 5 percent of the global GDP, China has now eclipsed traditional lenders, including the World Bank, the International Monetary Fund and all the creditor nations of the Organization for Economic Cooperation and Development (OECD) put together. By extending huge loans with strings attached to financially vulnerable states, it has not only boosted its leverage over them but also ensnared some in sovereignty-eroding debt traps.
Source: The Hill #May03
https://thehill.com/opinion/international/551337-chinas-debt-trap-diplomacy
#China #Debt #Trap
American statesman John Adams, who served as president from 1797 to 1801, famously said, āThere are two ways to conquer and enslave a country: One is by the sword; the other is by debt.ā China, choosing the second path, has embraced colonial-era practices and rapidly emerged as the worldās biggest official creditor.
With its international loans surpassing more than 5 percent of the global GDP, China has now eclipsed traditional lenders, including the World Bank, the International Monetary Fund and all the creditor nations of the Organization for Economic Cooperation and Development (OECD) put together. By extending huge loans with strings attached to financially vulnerable states, it has not only boosted its leverage over them but also ensnared some in sovereignty-eroding debt traps.
Source: The Hill #May03
https://thehill.com/opinion/international/551337-chinas-debt-trap-diplomacy
#China #Debt #Trap
Chinaās dodgy-debt double act
CHINA HAS been trying to clean up its bad corporate debts for years. Although it made some progress before the pandemic, the task often seems interminable, it remains crucial for the countryās long-run economic developmentāand for the growing ranks of global investors with exposure to Chinese stocks and bonds. The government insists it wants more market discipline and a transparent process for letting firms default without blowing up the financial system.
Now these claims are being tested by crises at Huarong, a state-run financial conglomerate, and Evergrande, the countryās largest property firm. Together they have some $540bn of liabilities, which they will struggle to repay. Their contrasting fates show that Chinaās approach is still driven by politics and improvisation not market forces and the rule of law.
Source: The Economist #Sep04
https://t.co/XD94fwjUHr
#China #Debt #Huarong #Evergrande
CHINA HAS been trying to clean up its bad corporate debts for years. Although it made some progress before the pandemic, the task often seems interminable, it remains crucial for the countryās long-run economic developmentāand for the growing ranks of global investors with exposure to Chinese stocks and bonds. The government insists it wants more market discipline and a transparent process for letting firms default without blowing up the financial system.
Now these claims are being tested by crises at Huarong, a state-run financial conglomerate, and Evergrande, the countryās largest property firm. Together they have some $540bn of liabilities, which they will struggle to repay. Their contrasting fates show that Chinaās approach is still driven by politics and improvisation not market forces and the rule of law.
Source: The Economist #Sep04
https://t.co/XD94fwjUHr
#China #Debt #Huarong #Evergrande
#Evergrande and other Chinese property giants have sizeable off-balance sheet debt: #JPMorgan
//Investment bank JPMorgan has estimated that troubled Chinese property giant Evergrande and many of its major rivals have billions of dollars worth of off-balance sheet debt that, once added on, ramp up their leverage ratios.
"Instead of true deleveraging, we think Evergrande has shifted some of the interest-bearing debt to off-balance sheet debt," JPMorgan's analysts said. "Commercial papers, wealth management products and perpetual capital securities, etc, which are not officially counted as debt."
They estimated Evergrande's "net gearing," as debt as a ratio of a firm's equity is known, was at least 177% at the end of the first half of the year, instead of the 100% its accounts reported.
"It is possible that the real gearing could be even higher, as data on some off-balance sheet debt is not publicly available," JPMorgan added, saying the "disguised" debt as it called it added up to 55% of Evergrande's overall debt.
Other major firms whose gearing levels were likely to be higher than formally reported included R&F Properties (2777.HK) at 139% versus the 123%, #SunacChina Holdings (1918.HK) at 138% versus 87% reported and #CountryGarden (2007.HK) at 76% versus 50% reported.//
Source: Reuters #Oct7
https://www.reuters.com/business/finance/evergrande-other-chinese-property-giants-have-sizeable-off-balance-sheet-debt-2021-10-07/
#PropertyAnalysis #Economy #Finance #CCPRules #Debt #ChinaMarket #Bubble
//Investment bank JPMorgan has estimated that troubled Chinese property giant Evergrande and many of its major rivals have billions of dollars worth of off-balance sheet debt that, once added on, ramp up their leverage ratios.
"Instead of true deleveraging, we think Evergrande has shifted some of the interest-bearing debt to off-balance sheet debt," JPMorgan's analysts said. "Commercial papers, wealth management products and perpetual capital securities, etc, which are not officially counted as debt."
They estimated Evergrande's "net gearing," as debt as a ratio of a firm's equity is known, was at least 177% at the end of the first half of the year, instead of the 100% its accounts reported.
"It is possible that the real gearing could be even higher, as data on some off-balance sheet debt is not publicly available," JPMorgan added, saying the "disguised" debt as it called it added up to 55% of Evergrande's overall debt.
Other major firms whose gearing levels were likely to be higher than formally reported included R&F Properties (2777.HK) at 139% versus the 123%, #SunacChina Holdings (1918.HK) at 138% versus 87% reported and #CountryGarden (2007.HK) at 76% versus 50% reported.//
Source: Reuters #Oct7
https://www.reuters.com/business/finance/evergrande-other-chinese-property-giants-have-sizeable-off-balance-sheet-debt-2021-10-07/
#PropertyAnalysis #Economy #Finance #CCPRules #Debt #ChinaMarket #Bubble
Reuters
Evergrande and other Chinese property giants have sizeable off-balance sheet debt - JPMorgan
Investment bank JPMorgan has estimated that troubled Chinese property giant Evergrande and many of its major rivals have billions of dollars worth of off-balance sheet debt that, once added on, ramp up their leverage ratios.
China owed $385bn ā including āhidden debtā from poorer nations, says report
Researchers have identified debts of at least $385bn (Ā£286bn) owed by 165 countries to China for āBelt and road initiativeā (BRI) projects, with loans systematically underreported to international bodies such as the World Bank.
The four-year study by US-based research lab AidData said the debt burdens were kept off the public balance sheets through the use of special purpose and semi-private loans, and were āsubstantially larger than research institutions, credit rating agencies, or intergovernmental organisations with surveillance responsibilities previously understoodā.
It found 42 low-to-middle income countries (LMICs) had debt exposure to China exceeding 10% of their GDP, including Laos, Papua New Guinea, the Maldives, Brunei, Cambodia and Myanmar.
Source: the Guardian #Sep30
https://t.co/dcJYteM0Ng
#China #Debt #BRI #LMICs
Researchers have identified debts of at least $385bn (Ā£286bn) owed by 165 countries to China for āBelt and road initiativeā (BRI) projects, with loans systematically underreported to international bodies such as the World Bank.
The four-year study by US-based research lab AidData said the debt burdens were kept off the public balance sheets through the use of special purpose and semi-private loans, and were āsubstantially larger than research institutions, credit rating agencies, or intergovernmental organisations with surveillance responsibilities previously understoodā.
It found 42 low-to-middle income countries (LMICs) had debt exposure to China exceeding 10% of their GDP, including Laos, Papua New Guinea, the Maldives, Brunei, Cambodia and Myanmar.
Source: the Guardian #Sep30
https://t.co/dcJYteM0Ng
#China #Debt #BRI #LMICs
The Countries Most In Debt To China
//Countries heavily in debt to China are mostly located in Africa, but can also be found in Central Asia, Southeast Asia and the Pacific, data from The World Bank shows. China is currently the preferred lender to the worldās low-income countries, which owe 37% of their debt to China in 2022, compared to just 24% in bilateral debt to the rest of the world...
The Chinese "New Silk Road" project, a program to finance the construction of port, rail and land infrastructure across the globe, has been a major source of debt to China for participating countries. At the end of 2020, of the 97 countries for which data was available, those with the highest external debt to China were all involved in the project, namely Pakistan ($77.3 billion of external debt to China), Angola (36.3 billion), Ethiopia (7.9 billion), Kenya (7.4 billion) and Sri Lanka (6.8 billion)...
The idea that China could gain significant leverage over countries and their infrastructure in the case of repayment issues has been cited often, like in the case of a troubled Sri Lankan port that was built with Chinese funds and that China ultimately took a 70% stake in. The Laotian railway that has been burdening the country with debt is also 70% Chinese-owned.//
Read more:
https://www.forbes.com/sites/katharinabuchholz/2022/08/19/the-countries-most-in-debt-to-china-infographic/
Source: Forbes #Aug19
#Debt #RiseofChina #WorldEconomy #InternationalRelations
//Countries heavily in debt to China are mostly located in Africa, but can also be found in Central Asia, Southeast Asia and the Pacific, data from The World Bank shows. China is currently the preferred lender to the worldās low-income countries, which owe 37% of their debt to China in 2022, compared to just 24% in bilateral debt to the rest of the world...
The Chinese "New Silk Road" project, a program to finance the construction of port, rail and land infrastructure across the globe, has been a major source of debt to China for participating countries. At the end of 2020, of the 97 countries for which data was available, those with the highest external debt to China were all involved in the project, namely Pakistan ($77.3 billion of external debt to China), Angola (36.3 billion), Ethiopia (7.9 billion), Kenya (7.4 billion) and Sri Lanka (6.8 billion)...
The idea that China could gain significant leverage over countries and their infrastructure in the case of repayment issues has been cited often, like in the case of a troubled Sri Lankan port that was built with Chinese funds and that China ultimately took a 70% stake in. The Laotian railway that has been burdening the country with debt is also 70% Chinese-owned.//
Read more:
https://www.forbes.com/sites/katharinabuchholz/2022/08/19/the-countries-most-in-debt-to-china-infographic/
Source: Forbes #Aug19
#Debt #RiseofChina #WorldEconomy #InternationalRelations
Forbes
The Countries Most In Debt To China [Infographic]
Chinese loans to developing nationsāaffecting many in Africa, Asia and the Pacificāhave high interest rates and short repayment windows. These "commercial-style" loans are harder to repay and less transparent than other bilateral loans, while questions ofā¦
Shanakiyan Rajaputhiran Rasamanickam: āChina Go Homeā campaign to be launched in Sri Lanka if China doesn't support debt restructuring program
New Delhi: Tamil National Alliance Parliamentarian Shanakiyan Rajaputhiran Rasamanickam says that if China fails to support Sri Lanka's Debt Restructuring program, a China Go Home campaign will be launched in the country.
MP Shanakiyan Rajaputhiran Rasamanickam told the Parliament that China being a trillion-dollar economy, should either slash Sri Lanka's debt or support the debt restructuring process if it is actually a friend of the island nation. He said that all the MPs must work in unison towards the betterment of the 22 Million Sri Lankans.
Sourceļ¼Times Now Digital #Dec02
https://www.msn.com/en-in/news/world/shanakiyan-rajaputhiran-rasamanickam-china-go-home-campaign-to-be-launched-in-sri-lanka-if-china-doesn-t-support-debt-restructuring-program/ar-AA14PiFV
#China #SriLanka #Debt
New Delhi: Tamil National Alliance Parliamentarian Shanakiyan Rajaputhiran Rasamanickam says that if China fails to support Sri Lanka's Debt Restructuring program, a China Go Home campaign will be launched in the country.
MP Shanakiyan Rajaputhiran Rasamanickam told the Parliament that China being a trillion-dollar economy, should either slash Sri Lanka's debt or support the debt restructuring process if it is actually a friend of the island nation. He said that all the MPs must work in unison towards the betterment of the 22 Million Sri Lankans.
Sourceļ¼Times Now Digital #Dec02
https://www.msn.com/en-in/news/world/shanakiyan-rajaputhiran-rasamanickam-china-go-home-campaign-to-be-launched-in-sri-lanka-if-china-doesn-t-support-debt-restructuring-program/ar-AA14PiFV
#China #SriLanka #Debt