Investors are posting losses on a number of private investments in Chinese companies, as projections that seemed like sure winners three or four years ago run into trouble.These investors purchased bonds and bonds convertible into stock ahead of expected initial public offerings and rich stock-market valuations.
Liquidator firm Borrelli Walsh says more than half of 11 Chinese companies listed in Singapore that sold convertible bonds from 2005 to 2008 are now unable to repay their debts. Their ranks include China Milk Products Group, Delong Holdings and Celestial NutriFoods, which have all disclosed their problems to Singapore Exchange officials.
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