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Pawn Industry Suffers from Global Financial Turmoil
[2009-02-11 09:55:35]
Pawn shops in China are suffering from the current global financial upheaval, particularly in terms of a drop in loans in the real estate sector, which comprises most of their business.
Guo Jinshan, deputy president of the National Pawnbroking Special Committee, explains.
"Pawn enterprises mostly are small and medium-sized companies. They have greatly decreased their proportion of loans in order to survive the harsh period and minimize their risks. It is quite common throughout the whole country."
A recent survey indicates that the loan ratio of the pawn industry in major cities has dropped to 50 percent from 60-70 percent before the Spring Festival.
Meanwhile, figures from China's official statistics bureau show that the price of newly-built apartments in Beijing has dropped for four consecutive months.
In Beijing, most pawned items include jewelry, antiques, household appliances, automobiles and homes.
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