Zone1
Topic Author
Posts: 894
Joined: Sun Jan 09, 2005 4:47 am

The Great Depression II

Fri May 11, 2007 12:35 pm

This time it will start in China.

"Xiao Feng, a former investment consultant at a futures company in Nanjing, put his three apartments and two vehicles - worth 5 million yuan - up as collateral days ago to get a 10 million yuan loan to invest in the stock market.

But the cost of borrowing is high - with an annual interest rate of 25 percent, he'll have to pay the lender 2.5 million yuan in interest at the end of the year, reported the Nanjing Morning Post on Wednesday."


http://www.chinadaily.com.cn/china/2007-05/11/content_870395.htm
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Newark777
Posts: 8284
Joined: Thu Dec 02, 2004 6:23 am

RE: The Great Depression II

Fri May 11, 2007 1:14 pm

Quoting Zone1 (Thread starter):
with an annual interest rate of 25 percent

Damn, that's crazy!  Wow!

Wouldn't want to be borrowing in China right now.

Harry
Why grab a Heine when you can grab a Busch?

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