On Breakingviews - China’s small bank bailouts duck bankruptcy test, says petesweeneypro
Headquarters of the People's Bank of China , the central bank, is pictured in Beijing, China September 28, 2018. REUTERS/Jason Lee
Interest in Baoshang, based in Inner Mongolia, comes thanks to its colourful history. Its biggest stakeholder - and a major borrower - was Tomorrow Holdings, run by Xiao until he vanished in 2017 from a Hong Kong hotel. The insurance conglomerate’s assets are now being sold off piecemeal. City banks held just 13% of total assets in the first quarter of 2019, and rural lenders another 7%, but they represent an outsize share of the country’s financial risk. As the state giants attract the best, government-guaranteed clients, small fry make do with the rest, which means more duff debt. Ruses to cover up the damage are not uncommon: in 2018, Shanghai’s Pudong Development Bank was fined for using 1,493 shell companies to hide non-performing loans.
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