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Development Bank may take over failed brokerage.
(From The Standard)
Byline: Elliot Wilson
China Development Bank (CDB), widely regarded as one of the mainland's better-run financial policy banks, could take over failed Shenzhen brokerage Southern Securities, a company under government control for much of the year.
The China Securities Journal reported that ownership of Southern Securities, which has admitted to losing 12 billion yuan (HK$11.275 billion), a figure many believe to be much higher, will be transferred to the CDB.
The paper did not say when the transfer would take place. Officials were unavailable for comment from either Southern Securities or the CDB.
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