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IPFS News Link • Economy - International
Non-performing loans in China have risen into the “trillions of renminbi” because of poor lending practices, an insolvency lawyer said.
“We work really closely with SASAC, the state-owned
enterprise regulator in China, and there are literally trillions
and trillions of renminbi of, frankly, defaulting loans already
in China that no one is doing anything about,” Neil McDonald, a
Hong Kong-based business restructuring and insolvency partner
with Lovells LLP, said at an Asia-Pacific Loan Market
Association conference yesterday. “At some point there’s going
to be a reckoning for that.”
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