Caixin OnlineFinance & EconomicsTop Stories Finance Bank Loan Tricks Stain, Strain Steel Sector
09.07.2012 14:01

Bank Loan Tricks Stain, Strain Steel Sector

Companies that cross-guaranteed loans and over-collateralized stocks are struggling in a weak market
By staff reporter Tian Lin and intern reporter Wu Hongyuran

(Beijing) – A merchant surnamed Qiao has been wholesaling at the sprawling Lange Baiziwan Steel Market, northern China's largest steel trading center, since 2007.

Before this year, Qiao said, business was booming. Customers typically started queuing at daybreak, and deal-cutting continued until the shop closed at 9 p.m. Delivery trucks for Qiao's and other shops rolled through the trading center well into the night.

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