Some Chinese firms turn out to have lied about their state pedigree

pretty powerful: China Nuclear Engineering Construction Group. Once controlled by the People’s Liberation Army, it is now, it says, part of a “central state-owned enterprise

”, an elite class of firms belonging to the Chinese government. Its website is full of pictures of its executives signing deals around the country. Like any good state-run giant, it is politically correct, its statements echoing Communist Party slogans. There is just one snag: China Nuclear Engineering Construction Group is not a centralAs China’s economy slows, defaults have risen sharply.

s, but a subsidiary said in a recent filing that it is in fact a non-state entity. Huayang has defaulted on 7bn yuan in bonds. China City Construction sold 99% of its shares in 2016 to a private investor, but kept calling itself an. It has since had a string of defaults. Other firms have embellished their connections.

Red flags are often obvious. A recent visit to the registered address of the state firm listed as the owner of China Nuclear revealed another, apparently unrelated company. “Ultimately the problem is that investors aren’t sufficiently rational,” says Zhang Licong ofThis article appeared in the

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