iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
23,474 Blog Posts

China Has a WTF Amount of Underpeforming Bank Debt

I can’t fucking wait for this shit to blow up. It’s gonna make our housing crisis look like a rainy Halloween night when all the kids had to stay home and watch Charlie Brown, instead of trick or treating.

God willing, I will see to it to become a local warlord and seize my local water reservoir, holding power and influence over my area, setting up checkpoints to ensure no one enters or leaves without donating dry foods to my cause.

Chinese banks’ troubled loans swelled to almost 4 trillion yuan ($628 billion) by the end of September, more than the gross domestic product of Sweden, according to figures released by the industry regulator.

Banks’ profit growth slumped to 2 percent in the first nine months from 13 percent a year earlier, according to data released on Thursday night by the China Banking Regulatory Commission.

The numbers come as a debt crisis at China Shanshui Cement Group Ltd. prompts lenders including China Construction Bank Corp. and China Merchants Bank Co. to demand immediate repayments and as weakness in October credit growth shows the risk of a deeper economic slowdown.

While the official data shows non-performing loans at 1.59 percent of outstanding credit, or 1.2 trillion yuan, that rises to 5.4 percent, or 3.99 trillion yuan, if “special mention” loans, where repayment is at risk, are also included.

Knowing how the Chinese accounting works, they probably have a trillion in bad loans, emanating from all of those fucking ghost cities that they were building a few years ago.

Dr. Copper has been screaming out in agony that something is horribly wrong in China. Now we’re starting to get a glimpse of what it might be.

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9 comments

  1. vandamme

    China: “No we don’t”

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  2. BlueStar: Contrarian Investor
    BlueStar: Contrarian Investor

    In terms of War Lord preparation I have set aside arms and ammunition for my army. I have made friends with the locals and told them to prepare for the event horizon. Surprisingly many are already on board. I suspect it will be very easy to arrange my Principality. I may have to fly over in the abandoned G4s on maui and attack your tribe.

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  3. it is showtime

    wha. wh-wh. is ibankcoin trying to attract another audience?lol

    Your honor let the record show I posted Baddebt China way
    way before this um ibankcoin writer guy copper homeboy

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    • razorsedge

      this is old news that is now coming to roost. (maybe). they have 1.3 billion people to keep in rice, so a work project like the great wall or the pyramids seems like a good idea… until it isn’t. Moses will have to lead the people out of the abys.

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  4. razorsedge

    +s….

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  5. UncleBuccs

    The problem is these critics of China are performing their computations using Western math. Any analysis using anything other than an abacus is most certainly flawed, and falls under the category of George Bush’s “fuzzy math”.

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  6. razorsedge

    when I was in s korea, they gave me chopsticks to eat with. I didn’t get much food in my mouth ,but I did manage to start 3 fires.

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  7. zuul2

    as trump would say – Chiyna

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  8. blahblahblah

    thank god the futs are lower. capitulate you ninnies

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