LAST TIME                               THIS TIME

Guangdong International Trust &         Guangdong Enterprises (GDE)
Investment Corp. (GITIC) collapses      releases audited figures
in October, 1998                        disclosing insolvency on Mar.1

Government tells creditors              China tells creditors it will try to
they're on their own if they            save GDE with a restructuring plan,
want to collect $4.3 billion            and help them collect $3 billion
owed them                               in debt

Stunned bankers cut credit              Bankers await restructuring and
lines, recall loans; China reels        brace for 6 to 12 months of
from liquidity crunch                   workout negotiations