China Shadow Bank Crisis Sparks Protest by Angry Investors
- Protesters ask Zhongrong why the company won’t repay them
- Beijing police have unusually strong presence around offices
The Zhongrong International Trust offices in Beijing.
Source: Bloomberg
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Chinese investors protested outside the office of one of the country’s biggest shadow banks, in a rare show of public outrage after the firm skipped payments on dozens of investment products.
Videos of the incident appear to show about two dozen protesters at Zhongrong International Trust Co., demanding payment on high-yield products that were pitched as safe investments. In one of the clips posted on Wechat seen by Bloomberg News, a woman angrily asks: “Why doesn’t the company pay us back?” she says. “It has already matured. Your financial statements said there is a profit.”