China 

Breakneck growth in China’s credit-card debt since 2012 raises worries about a potential bust, says ratings agency S&P

Credit-card debt has grown more than sixfold in China since 2012, mirroring booms in other Asian markets that ended badly and raising concerns about the potential risks to Chinese banks, according to a new report from S&P Global Ratings.The credit rating agency said that unsecured consumer lending in the mainland is expected to increase at a rate of 20 per cent annually for the next two years, a slight slowdown, but reminiscent of problematic booms in Hong Kong, South Korea and Taiwan.At the… Source link

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China 

China issues new rules on infrastructure financing due to implicit debt concerns

China has taken actions to regulate a major tool for local governments to leverage support for their infrastructure construction after the latest nationwide financial audit indicated continued local violations of rules that threaten to further increase an already mountainous level of implicit debt.The government has worked hard to curb hidden liabilities, including off-budget sheet borrowing and financial guarantees, amid its deleveraging campaign to reduce excess debt and risky lending over… Source link

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A mini bear market in bonds might be what the world needs as investors amass US$13 trillion in negative-yield debt

A picture is said to be worth a thousand words. In financial markets, the number US$13 trillion explains a lot about the way investors are positioning themselves, their perceptions of risk and, most importantly, why markets are increasingly vulnerable to a sharp and disorderly sell-off. The number refers to the global stock of government and corporate bonds trading at negative yields, one of the most striking consequences of a decade of ultra-loose monetary policy and a development once… Source link

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Singapore 

59-year-old man who collected debt in traditional funeral clothing arrested for public nuisance, Singapore News

Remember the man who wore traditional Chinese funeral attire to collect a debt? Bai Feng Wei, 59, was charged in court on Tuesday (June 25) for causing public nuisance and may also be charged for harassment. Over five days, the debt collector appeared at an engineering company’s doorstep in Ang Mo Kio four times to collect a sum of $170,000. He wore traditional Chinese funeral attire, knelt and even kowtowed. In the video posted on a Facebook page, Bai can be seen walking down a corridor and stopping to kneel in front…

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Vietnam 

VMAC builds strategy for debt trading – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  The VAMC will build a legal framework for the establishment and operation of a bad debt trading platform in 2020-21. — VNA/VNS Photo Trần Việt HÀ NỘI — The Việt Nam Asset Management Company (VAMC) is planning to develop a new strategy for buying and selling bad debts in Việt Nam this year, in which it will play a central role to promote the development of the debt trading market. The company expected to submit the plan to authorities for approval and bring the market into operation next year, it said in the newly released…

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Titanic iceberg of world debt could sink a slowing global economy

In the same way that Wall Street and other markets have blithely shrugged off the threat of an all-out trade conflagration, they have paid little heed to the mountain of global debt. Yet alarm is spreading among officials and economists. Beyond the concern on absolute debt levels, the fear is that much lending may be unrecorded, suggesting an iceberg of debt more menacing than initially appears, especially where it is sold in securitised forms. Debt crises have crept up on an unheeding world… Source link

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Vietnam 

Public debt within permissible limit: Finance Ministry – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Public debt indicators were under strict control and fell within the permissible limits set by the National Assembly’s Resolutions as of the end of 2018. — VNA/VNS Photo HÀ NỘI — Public debt indicators were under strict control and fell within the permissible limits set by the National Assembly’s Resolutions as of the end of 2018, according to the Finance Ministry. At a press conference on public debt last Friday, the ministry said the Government had mobilised VNĐ250.5 trillion (US$10.7 billion) from domestic sources, mostly through bonds, to make up…

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Singapore 

Debt collector in Singapore puts on traditional funeral garments to ‘beg’ for $170,000, Singapore News

How do you collect a debt? By spending a little more and hiring a professional debt collector who will do whatever it takes to get your money back.  In a Facebook video that was uploaded last Thursday (May 30), a debt collector wearing full Chinese funeral garb can be seen kneeling in front of a debtor’s office, yelling: “Please return the money!” In the clip, he repeatedly asked if they were going to return the money and cautioned people not to do business with this company. The man also hummed verses…

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China’s debt ratio hits record high as efforts to offset US trade war mean ‘there is no such thing as a free lunch’

China’s efforts to offset the affects of the trade war with the United States have resulted in its overall debt level reaching a record high in the first quarter of 2019, with authors of a new study remarking “there is no such thing as a free lunch”.Beijing policymakers scaled back their deleveraging campaign in a bid to help the world’s second largest economy, resulting in a growth rate of 6.4 per cent in the first quarter, the same rate as the fourth quarter last year, confounding analysts’… Source link

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Flurry of China small developers listing debt on HK board, with offers of high yields

At least eight mainland developers have filed or plan to file for initial public offerings in Hong Kong – but in the debt market, where they hope to entice investors with high yield offerings.Most are small-cap property stocks, hardly the darlings of the equity market in Hong Kong. But their high-yield bond offerings – some at 9.1 per cent – can attract investors with high-risk appetite, according to interviews by the South China Morning Post with industry insiders and a review of historical… Source link

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