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Zhou Xiang is playing with his mobile phone in a room just big enough for a desk and chairs at the year-old Wenzhou Private Lending Registration Center. Not a
single prospective customer has shown up for hours.
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When Rashmi Deshmukh needed money for her hand-knit clothing business in Mumbai, she couldn’t wait for bank approval. Instead, she put up her wedding jewelry as collateral at a loan-for-gold company to get cash on the spot.
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Trusts, targeting people with at least 1 million yuan to invest in alternatives to low-yielding bank accounts, are the fastest-growing segment of China’s nebulous world of shadow banking. They make up more than a quarter of the country’s estimated $3.35 trillion in non-bank lending, according to an Oct. 16 report by UBS AG.
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The shadow banking industry has grown to about $67 trillion, $6 trillion bigger than previously thought, leading global regulators to seek more oversight of financial transactions that fall outside traditional oversight.
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Thousands of women in Hong Kong, most from Indonesia and the Philippines, are working off debt by turning over almost all of their pay for months to loan companies and agencies that place them as domestic helpers with families. The moneylenders, part of Hong Kong’s shadow-banking system, are helping circumvent laws intended to protect the women. This is their story.
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To live out his retirement years, He Zhongkui was counting on steady income from an investment that promised interest payments five times higher than what he could earn in a Chinese bank.
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Toyoki Yoshida recalls the winter day in 2002 when he tried to hang himself with a leather belt after yakuza thugs hounded him for weeks to pay back 500,000 yen ($6,300) in loans.
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Jack Qiu, spending evenings in front of his laptop in the southern Chinese city of Guangzhou, is earning the best returns of his life: 14.2 percent on an annualized basis in just two months.
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China’s economic slowdown threatens to derail efforts to curb underground lending -- measures championed by Premier Wen Jiabao as crucial to future growth.
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China is the opposite of other major economies when it comes to companies’ ability to raise money by issuing bonds.
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Carrie Pan, a 29-year-old Shanghai accountant who’s lost almost half the value of her portfolio since she began investing in Chinese stocks, is confident again.
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Wenzhou, the Chinese city where more than 80 indebted businessmen committed suicide or went bankrupt in six months last year, was chosen for a trial program that aims to improve funding and broaden investment.
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China’s Supreme Court suspended the death sentence for Wu Ying, a woman whose conviction for defrauding investors of $55.7 million highlighted the country’s shadow-banking system and sparked a debate on the use of capital punishment for nonviolent criminals.
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When a Chinese court sentenced 28- year-old Wu Ying, known as “Rich Sister,” to death for taking $55.7 million from investors without paying them back, it sparked an unexpected firestorm that has drawn in China’s top leadership.
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A Chinese baby-formula maker selling imported Australian milk to safety-conscious parents invested in the risky debt of lead, arsenic and cadmium refiners, seeking higher returns for its cash.
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Hours after a creditor and his gang of tattooed thugs hustled Zhong Maojin into a coffee shop in Wenzhou, he says he wouldn’t yield to their demands.
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China’s banking regulator sought to ease concerns about the health of the nation’s lenders and the informal lending market, vowing to control risks and stressing measures already taken by the government are showing results.
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