Chinese City Builds Stadium With Debt Seen Toxic

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July 14 (Bloomberg) -- Bloomberg's Stephen Engle reports from Loudi, China, on the construction of infrastructure financed by local government debt. Loudi is paying for the building of a 30,000-seat stadium, bulb-shaped gymnasium and swimming complex with 1.2 billion yuan ($185 million) in bonds, guaranteed by land valued at $1.5 million an acre. That’s about the same as prices in Winnetka, a Chicago suburb where the average household earns more than $250,000 a year. In Loudi, people take home $2,323 annually. (Source: Bloomberg)

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