Chinese local governments and their financing companies ran up trillions of dollars of debt. Now the bills are coming due and investors are losing patience
SANHE, China—A building splurge in this impoverished pocket of rural China ended in half-finished projects and a trail of angry investors from some of the country’s wealthiest areas.
On a recent winter workday, investors and representatives from private fund companies in Shanghai and elsewhere descended on Sandu, a county in the deep south where tens of thousands of locals live on less than a dollar a day. After taxi rides from the high-speed rail station that took them past incomplete buildings and a gigantic golden statue...
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