Wanted posters for fugitive debtors, not commercials, are the main images that flash up on a big electronic screen in downtown Yixing, in the heart of the faltering Chinese industrial powerhouse that is the Yangtze River Delta.Says one entrepreneur facing problems:
The posters, from the local courts, show the identity card numbers and pictures of dozens of people who have fled unpaid debts. Rewards ranging from 20,000 yuan (HK$23,000) to 330,000 yuan are offered to anyone reporting their whereabouts.
“I found I had stepped into a nightmare – most of my buyers are state-owned enterprises (SOEs),” he said. “Asking them to pay for what they’ve bought just seems like a tough battle.”Prior coverage:
...“I’m not sure if my [state-owned] buyers have financial troubles,” Qian said. “It’s just hard to get a penny from them. Taking that as a lesson, I will shy away from any industry where buyers are SOEs.”
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