China Billionaire Says Local Governments Agree to Make Payment

The billionaire founder of China Pacific Construction Group said four of six local governments the company sued for late payment on infrastructure contracts agreed to pay the money they owe.

The closely held company will still pursue lawsuits against two local governments in Hunan and Shandong provinces, which owe more than 200 million yuan ($32 million) of the 900 million yuan the company originally sued for, Yan Jiehe said at briefing in Shanghai.