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#3 (permalink) |
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Member
Data registrazione: Feb 2002
Messaggi: 44
Popolarità: 202794 ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() |
occhio a quali bond
Investors warned of Chinese bond risks - FT.com Please respect FT.com's ts&cs and copyright policy which allow you to: share links; copy content for personal use; & redistribute limited extracts. Email ftsales.support@ft.com to buy additional rights or use this link to reference the article - Investors warned of Chinese bond risks - FT.com China’s strict capital controls prevent private mainland companies from borrowing from foreigners directly. Only the most powerful state-owned enterprises are able to get regulatory permission to do so. To get around the restrictions, most Chinese companies issue bonds through offshore holding companies or special purpose vehicles, then send the money onshore in the form of foreign direct investment – that is, as equity rather than debt. This structure carries several risks for bondholders. For a start, foreign investors are essentially buying bonds from an empty shell that, in turn, owns a stake in the operating company in China; they have no direct security over the underlying assets. Since the offshore bonds are not counted as debt on the balance sheet of the mainland company, foreign bondholders are subordinated to onshore creditors – meaning they are unlikely to recover much cash if a company goes bust. Defaults by Chinese groups, from Guangdong International Trust and Investment Corp (Gitic) in 1999 to Asia Aluminium in 2009, have repeatedly shown that investors who loaned money to offshore holding companies can do little when things to wrong. |
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#4 (permalink) |
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Member
Data registrazione: Jul 2008
Messaggi: 407
Popolarità: 29851029 ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() |
Un mio amico ha aperto un conto deposito in Cina (basta presentarsi in banca con il passaporto) che gestisce via internet.
Ha il 5,5% di interesse e può beneficiare dell'apprezzamento dello yuan. Non mi sembra un cattivo investimento e ci sto pensando anche io. |
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#5 (permalink) | |
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Data registrazione: Oct 2008
Messaggi: 1,967
Popolarità: 42949676 ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() |
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