China shadow bank misses dozens of payments as risks grow

(Image: Bloomberg)

Thu, 17 Aug 2023

Bloomberg NewsZhongrong International Trust missed payments on dozens of products and has no immediate plan to make clients whole, indicating troubles at the embattled Chinese shadow bank are deeper than previously known.Wang Qiang, board secretary of the firm partly owned by financial giant Zhongzhi Enterprise Group, told investors in a meeting earlier this week that the firm missed payments on a batch of products on Aug 8, adding to delays on at least 10 others since late July, according to people familiar with the matter. At least 30 pr...

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