Huaxi Village in Jiangsu Province, which was once touted by the Chinese regime as “China’s richest village,” is in financial trouble. Experts believe the situation reveals the corruption among the elite. Huaxi Group, the company which is collectively owned by the village and its residents, and has many sub-companies and listed companies, has a debt load of 40 billion yuan (about $6.17 billion) and some Chinese media claim that it is bankrupt. On Feb. 25, a video went viral, showing a large number of residents waiting in several lines in the village square to withdraw their money from Huaxi Group. Some residents told Chinese media that since Feb. 24, the dividend of Huaxi Group’s shareholding has suddenly dropped from 30 percent to 0.5 percent. Since the 30 percent dividend has lasted for several years, many villagers have bought shares. According to mainland Chinese media portal Sina, Huaxi Village’s Communist Party …
Read More
RSS Feed | The Epoch Times
