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Bear in a China Shop: Bloomberg News is reporting today that "Chinese real estate developer with 3.5 billion yuan (US$566.6 million) of debt has collapsed and its largest shareholder was detained. Zhejiang Xingrun Real Estate Co. doesn’t have enough cash to repay creditors that include more than 15 banks, with China Construction Bank holding more than 1 billion yuan of its debt. The real estate company’s majority shareholder and his son, its legal representative, have been detained and face charges of illegal fundraising, the officials said." The lower panel of the chart mashup shows the maturity structure of corporate bonds issued to LGFVs (Local Chinese Government Financing Vehicles) More at www.chpc.biz

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