September 29, 2016
Bloomberg News quotes Co-Managing Director Drew Bernstein in an article about factoring by Chinese manufacturers.
By Lianting Tu, Lisa Pham, Molly Wei
More and more Chinese factories are selling unpaid customer bills to financial firms, amid record payment delays.
"Stretching out sales days can be a rational business practice," said Drew Bernstein, co-managing partner of Marcum Bernstein & Pinchuk, one of the top-four auditors of Chinese companies listed in the U.S. "But if the slowdown becomes persistent and people start to default, then there will be financial shock across the system."