A blacklist of firms published | |
http://www.sina.com.cn 2004/07/13 11:09 Shanghai Daily | |
China's banking regulator has issued a blacklist of mainly private companies to domestic lenders and asked them to remain "cautious" when issuing loans to these firms, a newspaper reported. The blacklisted companies include Xinjiang Hops Co, Jiangsu Tieben Iron & Steel Co and China Southern Securities, reported the China Business, a weekly business newspaper, in its Monday edition. The report also said that the Shanghai bureau of the China Banking Regulatory Commission has warned local commercial banks of the risks of lending to some Shanghai-based companies, including Shanghai Zijiang Group and Shanghai Fosun High Technology (Group) Co. "The circular to inform local commercial banks on tightening lending to several companies was delivered to them in June," said an official of the CBRC's local bureau who declined to be identified. "The companies in the list have increasing operation risks." Shanghai Zijiang, established in the 1980s, now has more than 50 subsidiaries on the Chinese mainland, Hong Kong and the United States. It generated 1.42 billion yuan (US$171.08 million) of tax and profits last year from its businesses in property, information industry, packaging and printing, according to its Website. The company also has 50 percent stake in Shanghai Zizhu Science-based Industrial Park, which has a combined credit line of 10 billion yuan, the report said. Shanghai Fosun controls five domestically listed firms in the steelmaking, retail and pharmaceutical industries, said the newspaper. The CBRC has required domestic lenders to tighten lending to some overheated industries like steel and cement since last year and has demanded the banks continue to reduce their bad loans. Separately, the domestic media reported over the weekend that the Bank of Communications, China's fifth largest commercial lender, has admitted it had extended loans to a real estate company owned by Shanghai tycoon Zhou Zhengyi, who has been sentenced to a three years' jail term. A spokesman of the Shanghai-based bank said that it is able to recover some of its loans to Nongkai Group.
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