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作者: 来源: 日期:2016/8/16 8:32:39

Struggling China groups tap entrusted loans





Some of China’s largest resources corporations and shipbuilders are searching for higher returns in the unregulated lending industry as their core businesses struggle with overcapacity and an overall slowdown in economic growth in the country.



Analysts have flagged the rapid growth of entrusted lending among large companies, mainly state-owned miners and heavy manufacturers, as a worrying trend and a potential contributor to China’s bad-debt problem.



We believe that these non-financial [state-owned enterprises] do not have the expertise to operate like a bank and evaluate the creditworthiness of the lender, and it is likely that these loans would become non-performing as the economy slows further,” Chua Han Teng, an analyst at Fitch’s BMI Research, said in a report.

“我们相信,这些非金融(国有企业)不具备必要的专长,无法像银行那样经营,评价借款人的资信;随着经济进一步放缓,这些贷款很可能变成不良贷款,”惠誉(Fitch)旗下研究机构BMI Research的分析师Chua Han Teng在一份报告中表示。广州翻译公司。


Entrusted loans are loans made from one company to another, vaguely resembling the banking industry but without the risk controls that licensed lenders exercise when making credit decisions.



Companies engaged in the business often lend out excess cash or borrow from banks then re-lend at much higher rates to other companies — often ones that could not get approval for banks loans in the first place.



Mining and heavy manufacturing groups have come under pressure as economic growth in China cools off. Many of those companies have sought out higher returns through financial investments as their core businesses suffer.



For example, China’s largest aluminium maker, Chalco, has been unprofitable for the past five years and recorded a return on equity of minus 1.7 per cent in 2015 but doubled its entrusted loans in 2015 to Rmb2.8bn ($422m).



Some state firms still have too much cash on their balance sheet, so the game of using banks to make risky intercorporate loans goes on,” said Andrew Collier, managing director at Orient Capital Research. “China is desperate to keep the credit flowing to the politically most powerful and most desperate parts of the economy.”

“一些国有企业资产负债表上的现金仍然过多,因此利用银行进行高风险企业间贷款的游戏继续着,”Orient Capital Research的董事总经理安德鲁•科利尔(Andrew Collier)表示。“中国正在竭力保障信贷流向经济中政治上最强大、经营上最绝望的部分。”


Some large private manufacturers have also moved into entrusted lending.



China’s largest private shipbuilder Yangzijiang Shipbuilding is among many companies in the shipbuilding industry receiving government subsidies to help keep afloat. To help weather the downturn and generate higher returns, the group has created a microfinance portfolio used for entrusted lending, according to BMI. At the end of 2015, the company’s financial investments stood at about 25 per cent of its total assets.

中国最大的民营造船企业扬子江船业(Yangzijiang Shipbuilding)是造船行业很多获得政府补贴以维持运转的企业之一。据BMI介绍,为了帮助挺过低迷时期,产生更高的回报,该集团创建了一个用于委托放贷的小额信贷投资组合。截至2015年底,该公司的金融投资占其总资产的25%左右。广州翻译公司。


The aggregate stock of entrusted loans in China hit Rmb12.06tn in June, a rise of 20.8 per cent from the year before, making it the fastest-growing segment of core shadow banking in the country. Entrusted lending has grown by 70 per cent since the start of 2014.



According to a list compiled by Mr Chua, the top industry names in steel and coal, such as Baosteel and the world’s largest coal miner, China Shenhua, have also moved into the entrusted lending business.

根据惠誉Chua Han Teng编制的一份清单,钢铁和煤炭行业的大牌企业,如宝钢(Baosteel)以及全球最大煤炭企业中国神华(China Shenhua),也进入了委托放贷业务。