In today’s briefing:
- Debt-Plagued Local Financing Vehicle in China Gets ‘Unprecedented’ Extension to Repay Loans
Debt-Plagued Local Financing Vehicle in China Gets ‘Unprecedented’ Extension to Repay Loans
- A troubled local government financing vehicle (LGFV) located in Guizhou, one of China’s most indebted provinces, has secured approval from banks to delay repayment.
- Since 2021, Zunyi Road and Bridge has been impacted by the prolonged nationwide housing crisis.
- As of June 2022, the LGFV had accrued 45.9 billion yuan in interest-bearing debts, of which 14.1 billion yuan were due within a year.
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