Heavily in debt
By Feng Jianmin |
April 20, 2012, Friday
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Print Edition
Print Edition
DALIAN Shide Group, whose chairman was reported to be detained for alleged economic crimes, is heavily in debt with loan shark lenders.
Over the past month, the private chemical and construction material company has borrowed more than 800 million yuan (US$127 million) at interest rates as high as 54 percent a year, the Beijing News reported yesterday. The group has to pay more than 300 million yuan by this weekend for loans that it took out previously as well as interests, it said.
Over the past month, the private chemical and construction material company has borrowed more than 800 million yuan (US$127 million) at interest rates as high as 54 percent a year, the Beijing News reported yesterday. The group has to pay more than 300 million yuan by this weekend for loans that it took out previously as well as interests, it said.
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