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China firms endure longer wait for payments

This is leading to record amounts of receivables on corporate balance sheets

Slowing cycle: A survey of data on China's 2,300 stock market-listed firms illustrates the impact on corporate payments, with company receivables on average reaching US$160.49 million at the end of last year. - PHOTO: BLOOMBERG

[BEIJING] As China's economy continues to cool, companies are waiting longer and finding it harder to get paid for goods and services they've already sold, leading to record amounts of receivables - and potential write-offs - on corporate balance sheets. At Longyuan Construction Group Co, an