China’s ‘Richest Village' in Financial Crisis

China’s ‘Richest Village' in Financial Crisis
A newly inaugurated skyscraper tower in Huaxi Village, China, on Oct. 7, 2011. Carlos Barria/Reuters
Updated:

Huaxi Village in Jiangsu Province, once touted by the Chinese regime as “China’s richest village,” is in financial trouble, a situation that reveals the corruption among the elites, experts say.

Huaxi Group, a company that’s collectively owned by the village and its residents, and has many sub-companies and listed affiliates, has a debt load of 40 billion yuan (about $6.17 billion), leading some Chinese media to claim that it’s bankrupt.

Alex Wu
Alex Wu
Author
Alex Wu is a U.S.-based writer for The Epoch Times focusing on Chinese society, Chinese culture, human rights, and international relations.
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