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Real Estate Crisis Triggers New Alarms Over China’s Shadow Banks

Posted on AllSides September 22nd, 2023
From The Left
Florence Lo/Reuters

An accountant in northeast China deposited her life savings and received a letter guaranteeing her investment in a trust firm. Workers at a state-owned utility pooled money from friends and relatives believing that their investments were backed by the government. A man sank $140,000 into an account that he was told would make a 10.1 percent annual return.

They are among the hundreds of thousands of Chinese investors confronting a distressing reality: Their investments with Zhongzhi Enterprise Group, a financial giant managing $140 billion in assets, and its trust banking...

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https://www.nytimes.com/2023/09/22/business/china-economy-trusts-zhongrong-zhongzhi.html

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