China Credit Trust Delays Payment on $210 Million Product
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China Credit Trust Co. delayed payments on a 1.3 billion-yuan ($210 million) high-yield trust product backed by coal-mining assets after the borrower failed to raise funds to repay investors.
The Beijing-based company will extend the maturity of Credit Equals Gold No. 2, which was scheduled to expire today, according to a statement distributed to investors in the product and seen by Bloomberg News. China Credit Trust aims to sell assets held by the product within 15 months to repay investors, the July 24 statement showed.