Verdict expected for Tuesday in Huang Guangyu case
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China's business press carried the following stories on Monday. China.org.cn has not checked the stories and does not vouch for their accuracy.
Verdict expected for Tuesday in Huang Guangyu case—Legal Daily
The verdict in the long-awaited Huang Guangyu trial is expected for Tuesday, May 17, on charges of insider trading and bribery, Legal Daily reported.
He once occupied the top of China's list of its most wealthy. The founder of Gome Electrical Appliances went on trial in Beijing's No. 2 Intermediate Court on April 22, 17 months after he was detained.
Newbridge quickly cashes in on Ping An share sell—Securities Daily
Newbridge Capital, the Asian unit of TPG Capital, raised HK$9.8 billion (US$1.25 billion) last week by selling more than half of its newly acquired 4-percent stake in Ping An Insurance, China's second-largest insurer, to be the largest sell-off ever on Chinese stock market.
Newbridge sold 160 million shares in a price range of HK$60.52-61.28 on the Hong Kong Stock Exchange.
On May 6, Newbridge acquired 299.1 million Ping An shares in exchange for giving a stake in Shenzhen Development Bank, a mid-sized Chinese lender, to the Chinese insurer.
Official downplays local debt risk—China Business News
Xu Lin, director of the Fiscal and Financial Department of the National Development and Reform Commission, said at a forum that although local governments' debts need scrutiny, there is no real possibility of a debt crisis.
"Quite a few nations in the world are now facing debt crisis, but China's central and local governments don't have such threat,"he said.
"Compared with some members of the Organization for Economic Cooperation Development, China's debts only occupy only 40-50 percent of its GDP. Moreover, Chinese governments own huge assets, especially land and other convertible assets,"he added.
However, according to estimates from a report by China International Capita, local governments may have had 7 trillion yuan (US$1.02 trillion) in outstanding debt by the end of last year
