State media appeared to black out the news. But many on microblogging network Sina Weibo and mobile chat network Wechat were discussing the topic on Monday morning, sharing Chinese translations of details of the story, including information on Mr Deng.
A hashtag created on the topic quickly trended.
Checks by the BBC found that by the end of the day many of those posts had disappeared, with at least 481 discussions deleted from the hashtag's Weibo topic page, and other posts shared on Wechat also deleted.
Besides Mr Deng, several other individuals among China's elite were also named in the papers.
They include Li Xiaolin, the daughter of former premier Li Peng, and Jasmine Li, the granddaughter of former high-ranking official Jia Qinglin.
Li Xiaolin owned an offshore company, Cofic Investments Ltd, incorporated in the British Virgin Islands, while Jasmine Li received an offshore company as a teenager, ICIJ said.
China's crackdown on corruption takes an interesting turn -
Unofficial policy - It's corrupt for the the people to talk about proof of corruption in the dictatorship.
I seem to recall you though he might be a good bloke?
Credit continues to bulge. Chinese banks made 1.37 trillion yuan ($211.23 billion) in new local-currency loans in March, according to Reuters. The news agency also noted that social financing rose to 2.34 trillion yuan ($360.78 billion) in March from 780.2 billion yuan in February as the country's central bank continues to stimulate the economy and aid its slowing growth.
"It's a warning sign because it shows how much more credit is needed to stop a decline," Soros said, commenting on the March credit data.
NAB will follow its peers in tightening lending conditions for Chinese buyers, a move that could delay or derail dozens of impending settlements according to one mortgage broker.
The new rules, to come into effect on May 14, will see NAB only lend foreign buyers 60 per cent of a property's value, down from 70 per cent previously.
At the same time the bank will recognise just 60 per cent of income earned offshore, due to fears many Chinese buyers have been inflating their earnings in an effort to borrow more money.
"That will mean most Chinese buyers will only be able to borrow around $200,000," said one mortgage broker who was told about the changes by NAB.
The broker, who asked not to be named, said 40 of her clients were due to settle on newly built apartments over the next six weeks and these purchases were now in doubt.
Prime Minister Malcolm Turnbull and US President Barack Obama have discussed the global glut in steel supply, which many blame on chronic over-capacity at Chinese producers.
China's steel production hit a record high earlier this year as rising prices, and profits, encouraged mills that had been shut or suspended to resume output.
In a phone call late yesterday, the two leaders "discussed the need to work together to address the global glut in steel", the White House said in a statement.
China, the world's top steel producer and exporter, is also the fifth-largest importer of steel, buying an equivalent of 13.57 million tonnes of crude steel last year.
Last month, China and other major steel producers failed to agree on measures to tackle the overcapacity crisis, prompting the US, European Union and others to call for urgent action.
China plans to shed 100-150 million tonnes of domestic crude steel capacity in the next five years in a bid to help tackle huge capacity overhangs that have saddled domestic firms with losses and debts.
Turnbull said he had raised the issue with top Chinese officials and that while he welcomed their commitment, more than "strong intentions" were needed.
Read more: http://www.theage.com.au/business/m...es-wall-st-20160511-got2pi.html#ixzz48PfX6R3K
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Lying, thieving, cheating little f@#kers
China also trying to kill global steel production so they can wage war and other countries have no capacity to build steel machines to combat them -
If Australia don't like steel flooding the market... stop flooding the market with cheap ore.
Simple maths.
Not really. The steel makers are making a loss. The iron ore miners are still making profits.
Iron ore doesn't drive steel making. Steel making demands iron ore. You've got the wrong way round.
China newspaper chiefs red-faced after falling for hoax report in The Onion that named North Korean leader Kim Jong Un as 'sexiest man alive' (and commemorating title in 55-page photo special)
People's Daily mistakes comedy website for genuine news provider
The paper runs a 55-page photo special in tribute to mystery-shrouded Kim
Joins growing list of irony-starved newspapers fooled by The Onion
http://www.dailymail.co.uk/news/art...aper-Kim-Jong-sexiest-man-alive-headline.html
Foreign real estate buyers have paid about $200 each for forged bank income and spending statements used in mortgage applications, mortgage industry sources said.
AFR Weekend has obtained a copy of a recent loan application in Chinese and English that bilingual lending experts said was a "ludicrously obvious forgery" for a $960,000 loan to purchase a $1.06 million Sydney apartment.
Nervous lenders are stopping lending to overseas' borrowers because of growing evidence that thousands of similar loan applications are being processed, or could have been approved and processed.
"This is huge," said Ken Sayer, chief executive of Mortgage House, a non-bank lender, about the potential size of real estate fraud. "It is much bigger than everyone is making it out to be. The numbers could be astronomical."
Read more: http://www.afr.com/real-estate/resi...&promote_channel=social_twitter#ixzz48j3y3kjh
Oh well great that's reassuring! Well at least the Chinese haven't called us old friends and showered us with gifts. They normally do that before an invasion.Australia has 'nothing to fear' says Chinese Government
12:59(CN) China said to upgrade manufacturing sector through major projects - financial press (related EEM FXI PGJ USD/CNY CNY/USD CYB) - Source TradeTheNews.com
By upgrading our manufacturing, including higher tech automation, we'll be able to compete with better labor utilization and higher quality products
googie goodie, another major investment push where i can get my mates to borrow more money, backed by government initiatives/grants, to invest in businesses that appear legit, but are just a big facade for my commission scheme.
A worrying new report from Société Générale called Restructuring China Inc argues that as China sets about restructuring its state-owned enterprises, which are the biggest borrowers in the economy, "it will also become more apparent that Chinese banks need to be rescued."
And this rescue will be extremely expensive. "We estimate that the total losses in the banking sector could reach 8 trillion yuan, equivalent to more than 60 per cent of commercial banks' capital, 50 per cent of fiscal revenues and 12 per cent of GDP."
The report argues Beijing is unlikely to move quickly to restructure state-owned enterprises and banks because that would risk an economic hard landing, with massive corporate defaults and a big drop in output. "A hard landing threatens social stability, and for this obvious reason, Chinese policy-makers have opted for a slow and gradual process."
But, the report argues that Beijing's plans to move to slowly restructure zombie state-owned companies could lead to an even bigger build-up in problem loans which will cause the eventual restructuring bill to balloon.
The report argues that Beijing's prevarication is causing jitters in the China's massive corporate bond market, as a wave of defaults at state-owned companies have pushed up the borrowing costs of riskier companies, and caused investors to question the asset quality of the listed banks.
12:04pm: AMP will announce that it is banning mortgage lending to most non-resident borrowers, highlighting growing lender nerves about possible fraud and money laundering.
The nation's largest financial services group is also imposing tough new restrictions on the currencies used to repay mortgages, requiring up to 50 per cent deposits on foreign lenders and announcing more restrictions on overseas income and expenses.
AMP is blaming the tough policy on "changes to the market" without specifying their nature or extent.
"Our standards are continually reviewed with market developments to ensure we remain a prudent and responsible lender. Our criteria for overseas borrowers has recently been reviewed in line with this objective," AMP said in a statement.
But it follows complaints from other major lenders about widespread fraudulent applications and fears of money laundering.
"Some of the documentation being used by foreign investor and local residents using foreign documentation to support a loan application (in Australia) now appears to be suspect," said Martin North, principal of Digital Finance Analytics, a consultancy to major financial institutions.
The Australian Financial Review recently revealed overseas mortgage applications using forged income, employment and asset statements on forged Bank of China letterhead.
"The real risk is that it could be part of more organised money laundering operations where overseas players use local real estate agents, brokers and lawyers to make purchases with dodgy funds," Mr North said.
11:36(CN) China Dongbei Special Steel to miss payment on June 6th - financial press**Note on Apr 26th: (CN) China Dongbei Special Steel uncertain on CNY700M notes payments due May 5th more... (related FXI IYM) - Source TradeTheNews.com
Another Steel maker in trouble....
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