The Chinese Economic Deflation is Here: Largest Steel Maker in Shanxi Province Defaults on Debt

      According to Zerohedge and the Hong Kong “The Standard”, the Highsee Group has defaulted on 3 billion in debt,

“’The company is running in red, and has failed to pay workers for months. Many of its furnaces have stopped operating.’”

“Earlier, Shanxi coal miner Liansheng Resources Group went bankrupt while its loans, which were packaged into a wealth management product distributed by China Construction Bank (0939), are likely to be bailed out. UBS Securities securities analyst Chen Li said it is the peak season for corporate debt dues. Up to 80 percent of the nation’s trusts have obligations to meet within the second quarter, he added.”

Source

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