The local government financing vehicles in China are in trouble. The bursting of the housing bubble last year means revenue from land sales - some 40% of government incoming is drying up as private developer demand crashed. LGFVs been called upon to prop up the real estate sector ie bolster local government coffers in lean times. LGFV's get favourable loans from state owned banks, so the cycle begins and end in the same place - in bad times China is caught in a rock and hard place of revenue to stimulate economy vs systemic risk in the banking sector.
Shandong Tianye was reorganised into Jinan Hi-tech which is majority holder of Shandong Yulong Gold.
[VIDEO] TON GRAPHITE PROJECT GOES AHEAD WITH CORNERSTONE INVESTOR, page-44
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