A comment attributed by the Wall Street Journal to female tycoon Zhou Xiaoguang, whose conglomerate Neoglory was in bankruptcy court in April after it defaulted on a bond. Yiwu-based Neoglory expanded from its roots in costume jewellery into property and retail, racking up $6.8 billion of borrowings. The liquidity crunch is similar to that faced by Ningbo property-to-car conglomerate Yinyi (see WiC458) and signals a worrying trend.
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