An estimated $445bn worth of public bonds issued by local government financing vehicles need to be repaid by the end of 2024.
March 14, 2024Hengfeng Bank was bailed out in 2019 by Central Huijin Investment, Shandong Financial Asset Management and Singapore's UOB after a major corruption scandal.
February 25, 2024The PBOC cited as examples the measures taken in relation to TMRW Group, Anbang, HNA Group, Baoshang Bank, Bank of Jinzhou and Hengfeng Bank, among others.
March 15, 2022However, the PBOC believes the world economy is still in a period of deep adjustment, amid concerns that the risk of debt defaults has increased.
November 9, 2020The former chairman will have his sentence commuted to life in prison if he commits no further crime over the next two years.
November 9, 2020State-owned China Reform Holdings has set up a bailout fund to help ensure SOEs can avoid bond defaults. Meanwhile, 18 provincial governments have approval to inject capital into banks.
July 28, 2020Local authorities in Hebei and Shanxi reportedly had to intervene last week to halt cash withdrawals at two small lenders amid rumours of mounting bad loans.
June 25, 2020S&P Global Ratings identifies Bohai Bank, China Zheshang Bank, and Shengjing Bank as under more pressure than other PBOC stress-tested banks.
January 31, 2020A two-year reprieve means the sentence will likely be commuted to life imprisonment for the 70-year old former chairman, after he was convicted for bribery, corruption and embezzlement.
December 30, 2019A unit of China’s state fund, the Shandong government’s asset management arm, and UOB are among those that will invest in new shares to prop up troubled lender Hengfeng Bank.
December 20, 2019