China Shanshui Cement defaults on bonds, files for liquidation

Hong Kong

THE buzzing mobile phone foretold trouble. During an interview last month at the posh Shangri-La Hotel in Hong Kong, Henry Li stepped aside four times in an hour to take calls. Creditors were frantically trying to connect with the chief financial officer of China Shanshui Cement Group Ltd, and they wanted to know one thing: Was his company about to default?

"Honestly speaking, banks are very worried about us, as you can tell from the fact that I've received many calls," said Mr Li, sitting alongside Shanshui chairman Zhang Bin as they discussed the firm's predicament with Bloomberg on Oct 14.