Chinese developers have already pre-sold most of these properties with 100% advance payment and now they have run out of money with no new buyers the ponzi scheme falls apart. Two Chinese local banks enter bankruptcy procedures (and so it begins)

by silvertomars

And so it begins …

via Reuters:

BEIJING, Aug 26 (Reuters) – China’s banking and insurance regulator has agreed in principal to allow two rural banks in Liaoning Province to enter bankruptcy proceedings, according to an official statement released on Friday.

The two banks are Liaoyang Rural Commercial Bank Co., Ltd and Liaoning Taizihe Village Bank Co., Ltd, the China Banking and Insurance Regulatory Commission said.