Glorious Property Holdings Ltd. said its chief executive officer and chief financial officer resigned less than one month after shareholders rejected an offer by Chinese billionaire Zhang Zhirong to take the developer private.
Moody’s Investors Service says Japan’s biggest banks need to cut bond holdings and boost loans to protect their balance sheets from potential losses should Prime Minister Shinzo Abe’s stimulus spur yield surges.
Petroleo Brasileiro SA’s perceived creditworthiness is deteriorating on concern the state-run oil company’s production will falter as it scales back drilling to offset losses sparked by Brazil’s fuel subsidies.
The story of how a 3 billion-yuan ($496 million) Chinese trust investment wound up on the brink of default shows what billionaire investor George Soros has called the “eerie resemblances” between the 2008 global financial crisis and the nation’s debt market.
UBS AG’s China securities unit, the leading foreign underwriter of debt sales in the country, says the market wants policy makers to allow the first onshore bond default to reduce long-term hazards to the financial system.
China’s banking regulator ordered its regional offices to increase scrutiny of credit risks in the coal-mining industry, said two people with knowledge of the matter, signaling government concern about possible defaults.