China's 'Lehman moment?' Big investment firm misses payments | CNN Business
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A major Chinese investment trust has missed payments to corporate investors, sparking a rare protest and adding to concerns that a slump in China’s property market could trigger a wider financial crisis.

A major Chinese investment trust has missed payments to corporate investors, sparking a rare protest and adding to concerns that a slump in China’s property market could trigger a wider financial crisis.

At least three Chinese companies — Nacity Property Service, KBC Corporation and Xianheng International Science and Technology — said in separate stock exchange filings in recent weeks that Zhongrong Trust had failed to pay the interest and principal on several investment products. The scale of payments missed exceeded 110 million yuan ($15 million), according to their statements.

    • Sodis@feddit.de
      5·
      1 year ago

      That’s not how it works. The rich will have a lot of cash at hand to buy the dip, while the poor people will lose their jobs. A few rich people will fall, but all the others will profit from a crash.