China Shadow Bank Zhongrong Misses Payments, Sparking Protests
August 16, 2023
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3:12Now PlayingChina Shadow Bank Zhongrong Misses Payments, Sparking Protests
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as posted by the channelZhongrong International Trust Co., one of China’s biggest shadow banks. missed payments on dozens of products, as the fallout from a deepening property slump spreads to the financial sector. About two dozen people protested outside the firm’s office, in a rare show of public outrage after the missed payments. Meanwhile, distressed developer Country Garden Holdings Co. warned about “major uncertainties” in redemption of its bonds. Stephen Engle reports on Bloomberg Television.
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