China's Chemical Giant Prosperity Group Declares Bankruptcy

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Researched by Industrial Info Resources (Sugar Land, Texas)--China's Prosperity Group (Jiangyin, China) recently filed for bankruptcy due to an inability to pay its debts. The company was established in 1994 and was one of the top 500 companies in China. Its major products included purified terephthalic acid (PTA) and polyethylene terephthalate (PET).

Prosperity Group once planned to build a $2 billion heavy oil-based PTA project in Tianjin, but it has been cancelled.

Industrial Info is tracking more than $13.5 billion worth of PTA projects across China. More than two-thirds of these projects can be found in costal provinces such as Zhejiang, Jiangsu, Shandong, Guangdong and Hainan. Subscribers to Industrial Info's Global Market Intelligence (GMI) Chemical Processing Project Database can click here for a list.

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