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A Chinese Mega City Is On The Verge Of Bankruptcy

 
Face Palmer
Yo mamma pulls catapults to gondor

User ID: 24509295
Germany
09/28/2012 06:03 AM

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A Chinese Mega City Is On The Verge Of Bankruptcy
While most "developed world" people have heard of Hong Kong and Macau, far fewer have heard of China's province of Guangdong, which is somewhat surprising. With over 100 million people, a GDP of nearly $1 trillion - the biggest of all Chinese provinces, this South China Sea adjacent territory is perhaps China's most important economic dynamo. One of the key cities of Guangdong is Dongguan, which as the map below shows is a stone's throw from Hong Kong, has a population of nearly 10 million, and has long been considered Guangdong's boomtown and one of China's richest cities.

One notable feature about Dongguan is that it is home to the New South China Mall, which is the world's largest. It also happens to be mostly empty ever since it opened in 2005. Which perhaps is a good segue into this story. Because while for the most part the city of Dongguan has been a story of prosperity, a wrinkle has appeared. According to the South China Morning Post, which cites researchers at Sun Yat-sen University, this city is now on the brink of bankruptcy.

[link to www.zerohedge.com]

It's everywhere these days...
"The world will soon wake up to the reality that everyone is broke and can collect nothing from the bankrupt, who are owed unlimited amounts by the insolvent, who are attempting to make late payments on a bank holiday in the wrong country, with an unacceptable currency, against defaulted collateral, of which nobody is sure who holds title."

Never attribute to malice that which is adequately explained by stupidity.
Anonymous Coward
User ID: 19873584
Korea, Republic of
09/28/2012 06:35 AM
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Re: A Chinese Mega City Is On The Verge Of Bankruptcy
Guangdong might be a familiar name for westerners , but it is a traditional business place in Far East Asian region.
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You better double check what ZH says.
Anonymous Coward
User ID: 16665784
United States
09/28/2012 07:08 AM
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Re: A Chinese Mega City Is On The Verge Of Bankruptcy
Bankruptcy is a Capitalist economic principle. There's no bankruptcy in Communism. The CCP will either fund it or not.
Luisport

User ID: 24559753
Portugal
09/28/2012 07:09 AM

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Re: A Chinese Mega City Is On The Verge Of Bankruptcy
bump
Face Palmer (OP)
Yo mamma pulls catapults to gondor

User ID: 24509295
Germany
09/28/2012 07:35 AM

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Re: A Chinese Mega City Is On The Verge Of Bankruptcy
Hi there Luis

Last Edited by Face Palmer on 09/28/2012 07:36 AM
"The world will soon wake up to the reality that everyone is broke and can collect nothing from the bankrupt, who are owed unlimited amounts by the insolvent, who are attempting to make late payments on a bank holiday in the wrong country, with an unacceptable currency, against defaulted collateral, of which nobody is sure who holds title."

Never attribute to malice that which is adequately explained by stupidity.

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