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English > Finance&Economy > Finance-Breakingnews>China Halts Yueyang City Bond Issuance

China Halts Yueyang City Bond Issuance

05-07 18:18 Caijing

Full article in Chinese: http://www.caijing.com.cn/2009-05-07/110161419.html

»The Chinese Government Securities Depository Trust & Clearing Company suspended bond issuances by Yueyang city construction investment company in Hunan Province.
»The government agency casts doubt on the validity and stability of Yueyang's capital structure, questioning its revenue and ownership of two major subsidiaries.
»The incident comes at the heels of the rapid growth in the demand for such bonds, the issuance of which exceeded last year's total issuance of 50 billion yuan.
»Backed by local governments, bonds issued by city construction investment companies are often deemed quasi-government bonds.
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