| | | | | | To view this email as a webpage, click here | | |  | | | | Tuesday August 27 2013 | | | | | | |
| | | The debt dragon: China companies feel the investment hangover | | | Wooden carvings of two elephants and an eagle, meant to symbolise wisdom and prosperity, flank the entrance to the Chinese chemical producer Yunwei. Today, they suggest a very different interpretation: a lumbering debt load and scavengers picking over the company's scraps. "Lots of Chinese companies rushed to expand, to be the biggest in the world. This was a source of great pride. Now we see it as a headache," says a soft-spoken Yunwei executive, back from a business trip where he was trying to sell more of the hard black coking coal piled high in the company's storage facility in Qujing in the southwestern province of Yunnan.
Part two in the FT's three-part series on China's debt addiction.
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