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From the crack of little Chaori to that of Baoshang, cases in China remain isolated. But now Xi Jinping wants to show more transparency to the market: Evergrande is the first test to test the hard line
by Rita Fatiguso
In the beginning it was Chaori, a small Shanghai company active in the solar energy sector that on March 7, 2014, threw in the towel because it could not pay 14 million dollars in interest due on a 164 million bond issue.
Small, but by Chinese standards only, Chaori was allowed to fail and it was the first time that such an event occurred to the amazement of financial traders.
The Chaori case
For China, allergic to corporate failures, that was a psychological turning point …