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MADRID, Sept. 9 () -- Villarreal striker Guiseppe Rossi said Thursday that he wants to return to his native Italy when the transfer window reopens in January. The 23-year-old Italian international, who has also played for Manchester United, Newcastle and Parma, is in his fourth season with the Spanish club. The summer saw rumors of interest from Italian sides only for any attempt at a transfer to fall through before the transfer window closed at the end of August. However, that has done nothing to end his desire to return home. "I hope to return to Italy in January," he said in declarations printed in Spanish sports paper Diario AS. "I don' t know what happened this summer when both Fiorentina and Juventus were interested in signing me, but any Italian side would be good for me. The important thing is for me to return to the 'Calcio' ," he assured. Rossi scored 9 goals in 19 appearances for Parma during his short spell playing in Italy and his ability to score goals has made him an attractive target for Italian sides. He has scored 33 goals in 91 games for Villarreal and has a contract that expires at the end of June 2013. The striker' s buyout clause is currently 40 million euros (52 million US dollars), but with Villarreal looking to cut costs and rely increasingly on its youth system, his current club would negotiate a fee of around a quarter of that value.
By writers Wang Yue, Shang YiyingHANGZHOU, Feb. 20 () -- Only weeks after a court upheldthe death sentence of Wu Ying, an once hugely wealthy businesswomanwho was convicted of fundraising fraud -- another entrepreneur alsofrom Zhejiang province has been detained, suspected of committingsimilar crime.Following the detaining of education tycoon Dong Shunsheng onFeb. 3 in the east China city of Wenzhou, an accounting firm, whichis a third party in the case, has said Dong's company owed awhopping 4.5 billion yuan (714 million U.S. dollars) to over 7,000private creditors.The company had declared itself earlier that it owed 2.2 billionyuan to about 1,000 lenders.Liren Education Group announced on Oct. 31 that it would stoprepaying creditors and start asset restructuring.The group based in Wenzhou's Taishun owns 36 schools andcompanies across the country. Its subsidiaries operate in severalsectors including education, real estate and mining."GOD OF CREDIBILITY"Everyone in the county of Taishun viewed Dong as a star who hadgreatly contributed to promoting local education, said an officialwith the county's education bureau.Dong started his business in 1998 by renting a ceramics factoryand turning it into a private high school.The business later developed into a chain that has schools fromkindergartens to high schools, all under the name "Yu Cai" which inChinese means "create talents."Dong invested massively in his schools, making them among thebest in Taishun. Yucai schools have over 4,700 students and 1,000faculty members.Much of the investment came from private financing.Though the schools' tuition fees were much higher than publicschools, the company still operated in red in the first fewyears.To cover the loss, Dong came up with other ways to make moreprofit. In 2003, he established the Liren Group and began expandinginto the mining and real estate sectors, which again requiredenormous investment.But the man was never late in repaying his loans, andconsequently locals referred to him as the "God ofCredibility."People with extra cash rushed to loan money to Dong. Thosewithout even borrowed money from family and friends, expecting tomake a fortune by investing in Liren.PONZI SCHEMEPaying high interest for years led to Liren's downfall, saidZhang Hongguo, Taishun's Party chief.Auditors said the company had paid 3 to 3.5 billion yuan ininterest over the past 10 years.When Liren's real businesses could no longer pay back creditors,the whole thing turned into a Ponzi scheme -- the company startedoffering even higher interest to draw more money and then useinvestors' money to pay returns to earlier creditors.Tempted by high returns, people took bank loans and some evenmortgaged their homes to invest in Liren.Many of Liren's creditors are civil servants and some even workfor the judicial departments, which may explain why thosegovernment organs turned a blind eye to the extensive fundraisingearlier.Some creditors had learned about Liren's alarming situation butstill wanted to gamble."Many knew that the profit was not enough to pay off theinterest with an annual interest rate up to 60 percent. But whowould have thought that this ended so quickly," said a creditor whodemanded anonymity.CONCERNSDong's fall from grace again raises concerns over the risks inprivate financing, which is booming in China, especially inZhejiang where private businesses have become a pillar of theprosperous local economy, accounting for about 70 percent of theregion's gross domestic product and providing 90 percent of itsjobs.However, most private companies have problems getting bank loansas banks prefer state-owned enterprises."If Liren could get loans from banks, this never would havehappened. Who wants to pay high interest," said Yan Hanrong, anentrepreneur in Taishun.It has been over 30 years since China started implementingmarket economic policies, but the country's financial market is yetto be fully opened up.Last year, a government survey found that more than half of the2,835 investigated companies in Zhejiang have sought financial helpfrom private creditors. About 9 percent of the companies said theyuse high-interest private loans "all the time."During last year's credit crunch, about 100 managers or leadersof private companies in Wenzhou were reported to have disappeared,committed suicide or declared bankruptcy -- invalidating debts ofabout 10 billion yuan by the end of October.Prof. Fu Yunsheng with the research institute of economics underthe Zhejiang Academy of Social Sciences suggests that privatefinancing should be brought under unified regulation, astandardized information disclosure system should be establishedfor the capital sources, investment and operation of privatefundraisers and that efforts should be made to improve riskawareness for individual investors. Enditem ( reporters ZhangHeping and Chen Yuming also contributed to the story)
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