From Asia Financial, October 13:
Officials call for calm after people line up to withdraw money from the Bank of Cangzhou in Hebei province amid fears over billions lent to property giant Evergrande, which may face liquidation
The problems in China’s debt-laden property sector – and the potential collapse of two giant developers with combined debt of over half a trillion dollars – have begun to spill over into the country’s financial system.
Banking officials have called for calm after concern over massive unpaid debts accumulated by China Evergrande sparked a run on a regional bank in northern China this week.
Depositors lined up to withdraw their money from the Bank of Cangzhou in Hebei province, according to CNN, which cited multiple state media outlets, plus photos and videos posted online this week.
Local police arrested ‘many people’ suspected of spreading rumours that the bank was suffering a cash crunch because of its exposure to Evergrande, Yicai state media outlet reported on Wednesday....
....MUCH MORE
It's the social media I tells ya.
During the collapse of Britain's Northern Rock it was old media:
Northern Rock=Quote of the Day
...The disclosure of the Bank loan was not what we wanted,' he [Applegarth] said.
'The weight of coverage has been absolutely intense and, of course,
it has damaged our brand.'...
-From ThisIsMoneyBut, of course.
The media coverage has damaged the brand.
