Rumors are swirling of a major default of a trust product from Zhongrong, a subsidiary of the Zhongzhi Group. The story hit after the market closed on Friday, so unless it leaked, it likely doesn’t explain Friday’s drop. There are other concerns in the market such as County Garden’s collapse. The major developer saw its share price fall below its IPO price from 2007 as its 2024 dollar bonds collapse towards 20 cents on the dollar.
China: $32 Billion Trust Default
China: $32 Billion Trust Default
China: $32 Billion Trust Default
Rumors are swirling of a major default of a trust product from Zhongrong, a subsidiary of the Zhongzhi Group. The story hit after the market closed on Friday, so unless it leaked, it likely doesn’t explain Friday’s drop. There are other concerns in the market such as County Garden’s collapse. The major developer saw its share price fall below its IPO price from 2007 as its 2024 dollar bonds collapse towards 20 cents on the dollar.