29 Sep '11, 8am

Entrepreneurs flee Chinese of Wenzhou city over debts: BEIJING (AFP) - At least one entrepreneur has killed hims...

BEIJING (AFP) - At least one entrepreneur has killed himself and dozens of others are on the run in China after borrowing money from private lenders at very high interest rates, state media reported on Thursday. The private business owners were based in the eastern city of Wenzhou, which gained nationwide fame in the 1980s for its free-wheeling entrepreneurs and factories specialising in everything from cigarette lighters to badges. A shoe factory owner facing 'debt problems' jumped to his death on Tuesday and another 29 have fled the wealthy city since April after borrowing money at exorbitant rates, the 21st Century Business Herald said. The entrepreneurs owned factories, restaurants and printing businesses. One of them owes two billion yuan (S$401 million), the report said.

Full article: http://www.straitstimes.com/BreakingNews/Asia/Story/STISt...

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