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China's investment firm misses payments amid concerns of financial crisis

August 19, 2023
Source: devdiscourse.com devdiscourse.com
News Snapshot:
Raising concerns regarding the financial crisis triggered by the downturn in China's real estate market, Chinese investment firm Zhongrong Trust, which managed USD 87 billion worth of funds for corporate clients and wealthy individuals as of the end of 2022, had failed to pay the interest and principal on several investment products, CNN reported. The scale of payments missed exceeded 110 million yuan ($15 million), according to their statements. Zhongrong Trust — another major Chinese investment firm — has missed payments to corporate investors, sparking a rare protest in Beijing, CNN reported. At least three Chinese companies — Nacity Property...
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