Everbright's woes slow sale plan

Regulators are barring China's eighth largest bank, Everbright Bank, from proceeding with its RMB9bn private share placement, citing its bad debts resulting from its 1999 purchase of China Investment Bank, and non-performing assets arising from transactions with other Everbright businesses, the South China Morning Post reported. Short of a bailout by Beijing, Everbright's private placement scheme and a plan to sell a 15% stake to Standard Chartered Bank appear on hold indefinitely.