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A Bunch Of Chinese Manufacturing Bosses Just Defaulted And Fled Their Failing Businesses

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A Bunch Of Chinese Manufacturing Bosses Just Defaulted And Fled Their Failing Businesses

Read more: http://www.businessinsider.com/china-subprime-wenzou-bankrupt-2011-9#ixzz1Yo8b4olK

One of the runaway employers is Hu Fulin, the owner of Zhejiang Center Group (ZCG). ZCG owns the most popular sun-glass company in China (they make 20 million pairs a year) and employed 3,000 people. He also invested in real estate and the renewable energy industry.

Hu is penniless now, but he owes his employees their August and September salaries (about $1.5 million), and he hasn't paid his suppliers either. The city government has set up a task force to figure out how to track all of Hu's loans and repay his debts.

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Meanwhile across the East China Sea a Banks Chief Operating Officer tries his hand at flying from his office window.....

The head of one of the nation's seven savings banks whose operations were suspended due to capital shortages last week was found dead in an apparent suicide Friday, police said.

There was a spate of these last time the markets fell sharply when Madof was exposed..... When the tide goes out Bankers are found to have had their hands in the till.

I reckon this will more of these in the days and weeks ahead....

This week (and the poor economic news) marked a step change in sentiment I reckon. Most are now waking up to the fact the Western Economies really are up shit creek without a paddle.

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  • 338 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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