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How corporate defaults could have much wider consequences.
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Here's a growing list to further excite China bears this Thursday: Baoding Tianwei Group Co., China National Erzhong Group, Sinosteel Co., China Railway Materials Co. Ltd., Guangxi Nonferrous Metal Group, Greenland Holdings Corp.'s Yun Feng unit, and Dongbei Special Steel Group Ltd.
These are the eight state-owned enterprises (SOEs) that have run into some sort of repayment problem this year, exacerbating already heightened concerns over the future of China's debt-fueled economy. It's a point picked up with some aplomb by Bank of America Merrill Lynch's China strategists on Wednesday, who argue that SEO-issued debt could eventually come to destabilize a much wider slew of China's investment landscape.