Zoomlion, a construction machinery company on the frontline of China’s slowing economy, is seeking Rmb140bn ($22bn) in credit, fuelling fears that the company is at the centre of a growing debt bubble.
The complex web of financing in the concrete sector highlights the ways in which the property and infrastructure sectors in China are developing to avoid the authorities’ attempts to restrict their access to credit as Beijing battles to deflate a property bubble and rebalance the economy.
Hunan-based Zoomlion, which is listed in Shanghai and Hong Kong, told shareholders on Sunday that they would be asked to approve the new borrowing facilities – much bigger than its $12.3bn market value – at its annual meeting at the end of June.
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