MADRID， Sept. 1 (Xinhua) -- Spain's car sales rose by 14.6 percent in August when compared with the same month of a year earlier， according to data released on Thursday by organizations of the sector.
The Association of Car Manufacturers (ANFAC)， the Federation of Association of Dealers of the Automotive sector (FACONAUTO) and the Association of Car Dealers (GANVAM) said purchases reached 64，089.
Companies bought 19，772 cars in August， which meant 15.8 percent more than that in August 2015， individuals made 41，774 purchases which meant a 12.5 percent increase and renting companies bought 2，543， a rise of 48.2 percent.
In the first eight months of the year， purchases reached 794，629 which meant a 11.3 percent increase when compared with the same period of a year earlier.
David Barrientos， director of communication at ANFAC said August data was the best for the month since 2007， while Juan Antonio Sanchez Torres， president of GANVAM， said that the sector was reflecting an improvement at the macroeconomic level.
Xing Zhibin had grand visions for Shanxi Liansheng Energy Co. Cheap Arizona , but what he built was a tower of debt that threatens to collapse
BEIJING (Caixin Online) — The fall of a private coal giant in the northern province of Shanxi took less than two years. Like many others in the industry, Shanxi Liansheng Energy Co. Ltd. was due for a reality check, now that the shine is off government intervention and the economy is slowing.
At its peak in 2011, Liansheng had 60 billion yuan in assets, 36 Cheap Atlanta Braves Jerseys ,000 employees and business in six fields. Its expansion was fuelled by robust demand for coal and support from the provincial government.
But by 2013, the company’s capital chain was on the verge of breaking due to falling coal prices and a large number of loans coming due. The conglomerate is struggling to keep its doors open, and local officials want financial institutions to give Liansheng time to recover because its fate affects the entire province, they say.
Whether the company can find a savior amid declining coal prices will determine whether it can restructure and recover.
The difficulty Liansheng started facing last year was unprecedented, said Ma Xueyun Cheap Baltimore Orioles Jerseys , vice chairman and vice president at Liansheng.
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When the company began to prepare for an initial public offering in 2007, it had total debt of less than 400 million yuan and its 14 collieries were doing well. The company’s owner, Xing Zhibin, was a celebrated entrepreneur and one of the richest men in China.
But later that year Xing was detained by police for two months for having tens of millions of yuan in unpaid debts at Agricultural Bank of China. The scandal shattered Liansheng’s hopes for an IPO. In 2008 Cheap Boston Red Sox Jerseys , the group listed in Hong Kong through a shell company.
Liansheng’s biggest loan was for just 200 million yuan, Ma said.
But that number skyrocketed during the mine consolidation frenzy that started in 2009 at the behest of the government. Senior executives at Liansheng said at the time many mine owners came to them in hopes the group would acquire their mines.
Xing decided to team up with China Resources Power Holdings Co. because it would help with financing for acquisitions and bring a large state-owned company to the area, Liansheng executives said.
The deal put Liansheng on a fast track. The joint venture Liansheng set up with China Resources Power, which had a 42 percent stake, spent 14.9 billion yuan on 29 mines in the cities of Luliang and Gujiao.
It also acquired a major company in the area Cheap Chicago Cubs Jerseys , Loujun Mining Co. Ltd., and three mines that yield 3 million tons of coal per year for 4.9 billion yuan
The Shanxi government helped with financing problems with preferential policies and by encouraging banks to issue loans for companies like Liansheng.
The industry had bright prospects at the time. Banks competed to get Liansheng as a client, presenting innovative financial products and designing ways to find the money it needed to expand, executives at the company said.
By the end of the consolidation campaign, Liansheng’s debt soared to 26 billion yuan.
Xing had a vision that was bigger than producing coal Cheap Chicago White Sox Jerseys , Liansheng executives said. He wanted to bring prosperity to the town where the company is headquartered, the billionaire once said.
In 2009, Xing began his plan to turn the small town of Liuyu into a bustling city surrounded by farms using advanced technologies. His blueprint included building a 154 square kilometer agricultural zone encompassing 52 villages. The new city was also to have schools, a logistics industrial park, a downtown area surrounding the company’s office buildings and a residential compound with thousands of apartments. Xing had in mind nothing short of a complete economy that would turn tens of thousands of farmers into company employees Cheap Cincinnati Reds Jerseys , his wife, Li Fengxiao, said.
And he achieved it in part, she said. He invested 2 billion yuan on land reclamation, roads Cheap Cleveland Indians Jerseys , dams and more than 1,000 apartments. The industrial park and schools took 4 billion yuan to build. The projects were approved by city and provincial government officials.
“People were proud to tell others they work at Liansheng,” said Yan Ming, a company employee.
Liansheng was also a tax milk cow. As of the end of 2011, it paid – in cash – more than 16.7 billion yuan Cheap Colorado Rockies Jerseys , company documents show.
The agricultural park and schools were long-term investment projects, but Liansheng’s loans were short-term.
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