Breakingviews - China’s share-backed debt problem is a lasting one [Reuters]
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Source: Reuters
Breakingviews - China’s share-backed debt problem is a lasting one | Reuters 3 Min Read HONG KONG (Reuters Breakingviews) - China’s pledged stocks cast a long shadow. Shares have been used as collateral for some $220 billion of loans in the People’s Republic, a practice which threatens to exacerbate a nearly $2 trillion selloff this year. Beijing will step in to contain the immediate risk, but higher lending costs and moral hazard will hurt for longer. The benchmark Shanghai Composite Index, which has been falling over trade and other concerns, last week hit lows not seen in almost four years. It is now trading below levels touched during the 2015 crash, a nosedive that has revived worries over growing use of stock to back debt. Share pledges are common in China, usually among big investors in small, private Mainland companies, who use their stakes to secure loans of up to 60 percent of the value of the equity. If the stock price dips to a certain level – usually around 150 percent of
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