Trust firms have defaulted on billions of dollars of investment products in recent years. Read more at straitstimes.com.
TOKYO – Chinese regulators have sought for years to get to grips with the US$2.9 trillion trust industry, a corner of the country’s shadow banking sector that offers bigger returns than regular bank deposits but can be fraught with risk. Their fears were underlined in August when
One of its most important investments is a 33 per cent stake in Zhongrong Trust, which has 270 products totaling 39.5 billion yuan coming due this year, according to Use Trust data. The average yield on those products amounted to 6.88 per cent, compared with the benchmark 1.5 per cent one-year deposit rate paid by banks.Three firms said on Aug 11 that they had failed to receive payments on products issued by companies linked to Zhongzhi, including Zhongrong.
President Xi Jinping’s government is under pressure to shore up confidence in China’s economy. Investors have been alarmed byand persistent weakness in its giant real estate sector.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China firms say didn't receive payments due from Zhongrong TrustSHANGHAI : Two Chinese listed companies said over the weekend that they had not received payment on maturing investment products from Zhongrong International Trust Co, adding to stress in a financial market already roiled by a property sector downturn.The disclosure could deepen market concerns over the h
Read more »
‘I just did it for the money’: Why young people become money mules for scammersThree youths, who became money mules, tell The Straits Times how they got involved in the offence. Read more at straitstimes.com.
Read more »
Why prospect of US-China decoupling is getting seriousThe US-China trading partnership has supercharged the global economy over the past two decades. Read more at straitstimes.com.
Read more »
'Takes time and experience to do well': Why root canal treatments can cost thousands of dollarsThe cost of root canal treatments depends on several factors such as tooth type and complexity of the procedure, says an oral health expert.
Read more »
3 children taken to hospital after fire breaks out in Redhill flatThe fire had likely originated from the batteries of two PMDs. Read more at straitstimes.com.
Read more »