Like clockwork. Bloomberg just put this out moments ago.
Now it’s only a question of how viral the story goes before futures open in roughly 12 hours time.
Chinese Trust Firm Clients Say Wealth Product Payout Delayed https://www.bloomberg.com/news/articles/2023-08-13/chinese-trust-company-clients-say-wealth-product-payout-delayed 
Could this be a cascading issue?
Cascading? That’s the question and should have greater clarity by this time tomorrow. Risks are certainly present though.
Chinese trust companies are the ultimate black box of black boxes. At least with Evergarde there was some visibility even if scant. Trust companies on the other hand…….
8.3mm is a small amount.
Is this a large trust company? Poorly managed?
Thanks for posting.
The figures reported are only by those investors required to disclose due to being listed on the Shanghai exchange. Two of probably hundreds if not thousands of investors. Tip of the proverbial iceberg.
Zhongrong is decently sized. It’s been run though as more of less a privately owned platform meaning a greater willingness to take on risk. Clearly a lot that remains unclear.
At some point there’ll need to be some sort of restructuring. Real estate is going from one problem to another.
