More than a quarter of pre-tax profits at China’s Yangzijiang Shipbuilding Holdings in the second quarter came from an unexpected source – not its core shipyard business, but from lending money to other companies.
In a similar vein, China Mobile has set up a finance arm to lend money, while PetroChina has a number of financial vehicles in place.
They are part of a growing number of Chinese companies using excess cash to fund indirectly the country’s shadow banking system as Beijing’s monetary tightening makes it more difficult for small and medium-sized groups to access the formal banking sector.
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