China Shadow Bank Misses Dozens of Payments, Sparking Protests
- Products with missed payments grow to dozens, official says
- Company has no repayment schedule, seeks investor patience
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One of China’s biggest shadow banks skipped payments on several investment products, sparking rare protests in Beijing as the fallout from a deepening property slump spreads to the financial sector.
Zhongrong International Trust Co. 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.