For a glimpse of the unfolding debt crisis that many fear could be China’s future, take a trip to the used-car market in this gritty industrial city on the coast.
A half-dozen Mercedes Benzes, an equal number of BMWs, several Porsches, a Range Rover, a Rolls-Royce and a Hummer, most just a few years old and in pristine condition, were there on a recent day. Their owners were all Wenzhou factory bosses who needed to sell their luxury cars for cash to pay back their business loans.
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