Die kommunalen Investmentgesellschaften in China sind der jetzige Sitz der finanziellen Risiken:
So far, they have been no public reports of an LGFV default, but some have had loans extended.
“The LGFVs have become the black hole of the Chinese financial system. They have been used to fill the gap between local government revenue and expenditure,” said Andrew Collier managing director at Orient Capital Research.
“They have little or no profit, and cannot pay back their debt owed,” he said. “I expect many LGFVs to collapse, or to be quietly recapitalized by banks, putting some rural banks and some bondholders at risk of defaults.”
