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Debt woes of one of China’s top cities highlighted by first-of-its-kind bond default

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[unable to retrieve full-text content]In a rare dispute between provinces over the sale of local government bonds, the finance department of Henan province in central China blacklisted a brokerage firm controlled by the municipality of Tianjin this week after the firm failed to pay in full for the bonds it had bought.The incident is the latest in a series that underscore the rapidly worsening financial situation in Tianjin, one of the four mainland cities that are under direct supervision of the central government.According to…

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[unable to retrieve full-text content]
In a rare dispute between provinces over the sale of local government bonds, the finance department of Henan province in central China blacklisted a brokerage firm controlled by the municipality of Tianjin this week after the firm failed to pay in full for the bonds it had bought.The incident is the latest in a series that underscore the rapidly worsening financial situation in Tianjin, one of the four mainland cities that are under direct supervision of the central government.According to…

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