How did they invest in that infrastructure ? The LGFVs they used for that are so large the only way to pay for their loans is to throw in new LGFVs.
If there's a place where the music will stop really suddenly and really hard, it's in China, where all this infrastructure to build cheap glasses will completely crumble under the cost of its own financing. They're not increasing margins, so they're not gonna match their bond yields...
If there's a place where the music will stop really suddenly and really hard, it's in China, where all this infrastructure to build cheap glasses will completely crumble under the cost of its own financing. They're not increasing margins, so they're not gonna match their bond yields...