Deferred tax liabilities, off-balance sheet debt, and asset write-downs result in a bloated balance of which most investors are not aware.

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This long-term decline in NOPAT, combined with growing asset write-downs and consistently large off balance sheet debt, indicates a company with serious issues.

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Meanwhile on the domestic front, it listed potential threats including rising property prices, which have triggered fears that new asset bubbles could form, along with "excessive off-balance sheet financing" by banks and local governments.

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