Comment on China Cities Sell Land at Winnetka Values With Bonds Seen Toxic

China Cities Sell Land at Winnetka Values With Bonds Seen Toxic

July 14 (Bloomberg) -- Workers toil by night lights with hoes, carving out the signs for Olympic rings in front of an unfinished 30,000-seat stadium, bulb-shaped gymnasium and swimming complex in a little-known Chinese city. Loudi, home to 4 million people in Chairman Mao Zedong’s home province of Hunan, is paying for the project with 1.2 billion yuan ($185 million) in bonds, guaranteed by land valued at $1.5 million an acre.

 

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