Market Chatter: PowerChina Still Wants African Business Despite Sovereign Default Threats

MT Newswires Live11-27

Power Construction Corp. of China (SHA:601669) said it still plans to do business in Africa despite threats of sovereign defaults, Bloomberg reported Thursday, citing Executive Vice President Chen Guanfu.

"We focus more on the financial performance of the project. Let's do the projects with good cash flow first," adding they want to focus more on medium-sized or small-sized projects, Bloomberg quoted Chen as saying during an interview.

A number of Chinese companies have been more circumspect due to the default problems, especially in Zambia, Ghana, and Ethiopia, according to the report.

Chinese lending to Africa saw its peak in 2016 with $29 billion committed that year, according to the report.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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