Understanding China, One Blog at a Time

An American in China

Another Chinese Lender Cannot Service its Debts

Posted by w_thames_the_d on November 24, 2011


Ashes, Ashes, they all fall down!!!
From here
“The Wenzhou-based Liren Education Group’s inability to repay loans taken out from private investors has become the city’s largest private lending scandal to date, involving 2.2 billion yuan (US$345.77 million), the Guangzhou-based Southern Metropolis Daily reports.”

2 Responses to “Another Chinese Lender Cannot Service its Debts”

  1. Brewskie said

    And just as the US is fruitlessly wasting $$ on “miracle pinwheels” (that are only energy productive in LSD dreams) like it burns bucks on useless wars (similarly, which are considered effective to unemployed “Iraqistan” veterans stoked on crack), China’s pledging $1.7 T (“T” as in torrent) of megabucks in clean energy investments.

    http://www.wantchinatimes.com/news-subclass-cnt.aspx?cid=1202&MainCatID=12&id=20111123000057

    Don’t get me wrong, I’m all for clean/renewable energy, but solar & wind currently are NOT capable of base load power: solar needs much further technological refinement; wind will likely never be capable of base load power generation. Ask Harrisburg, PA, about the current feasibility of renewable energy, the end product of investing in a electricity-generating trash incinerator: bankruptcy! Say, whatever happened to the turkey-guts-into-oil scam back in ’05 (with 85% efficiency)…?

    Life lesson: coal sucks, oil’s dirty and they’re killing the planet, but nerdy engineers need to work like they’re a pen stroke away from Siberian exile if they want pretty mirrors shining our lifestyle. Life lesson 2: America’s clean energy bucks, like the Iraqi War, might as well be blown on a global toilet expo (though windmills are a lesser evil over Iraq); China’s clean energy promises are like a Brilliance BS6’s front crash resilience – as dependable as a flat pillow protecting your face in a 40 MPH crash. In other words, a scam.

  2. […] Source: https://wtdevflnt.wordpress.com/2011/11/24/another-chinese-lender-cannot-service-its-debts/ […]

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