Exclusive: Scandal-Plagued Parking Manager Rekindles Government Debt Concerns

A state-owned parking manager in South China embroiled in scandals has borrowed 2 billion yuan ($283 million) from banks based on a 7.2 billion yuan valuation of its right to collect fees over 25 years, according to sources with knowledge of the matter.

Last year, Nanning Huibo Parking Service Co. Ltd. pledged its 25-year parking fee collection right as collateral for two 1-billion-yuan loans provided by branches of state-owned Industrial and Commercial Bank of China Ltd. and Bank of Communications Co. Ltd. in Nanning of the Guangxi Zhuang autonomous region, the sources told Caixin.