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In an inner-Mongolia coal city, Erdos, private loan companies face pressures as they are unwilling to continue lending out money to coal miners (mostly small) and small real estate companies since March and April. The business used to be profitable and safe during the golden days for the resources mining business--private lenders became millionaires over several months after finding resources from banks or friends (as their deposit base). The article mainly describes the life and career of one private loan shark, Wan Yongnian, who closed his shop in April after considering higher risks in the future for various reasons, even though many small miners are fighting for money and willing to pay exorbitant rates. Wan made a fortune in past years. Wan said the falling coal price and unclear future made most of his buddies decide to quit the business--too risky, he said. Erdos is famous for coal and also underground finance in inner Mongolia--one government official named Chen said "Erdos should publicize such loan business for companies' cash purposes." Full Chinese report at: http://www.chinanewsweek.com.cn/news/2009/2009-06-03/623.shtml © Copyright 2009 by Boxun News Top of Page |
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