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To: John Hunt who wrote (26311)	1/16/1999 6:40:00 AM
From: John Hunt	Respond to of 116958

Bad debts soar as mainland woes escalate (Hong Kong) scmp.com << Hong Kong banks' bad debts nearly tripled last year and are expected to rise further amid uncertainty over $325.4 billion in exposure to mainland companies. Bad debts are at their highest since the mid-1980s and have exceeded levels in Europe and the United States. Non-performing loans reached 6 per cent in November, from 2.08 per cent at the end of 1997, the Hong Kong Monetary Authority said. -- cont'd -- >> ********** Bankers wise up after Beijing pulls the plug scmp.com << Bankers acted predictably and accelerated their retreat by calling in loans or cutting credit lines to mainland companies, particularly red chips, which only 18 months ago were bloated with easy money. With a general feeling that there is worse to come, there can be little hope these tight credit conditions will ease in the near future. >> Hang on to our gold ... it might yet come in handy! < g >