Zhongrong, a Chinese trust company, missed payments on dozens of investment products, per Bloomberg. The missed payments came days just after property giant Country Garden missed coupon payments. These alarming troubles at Zhongrong come just days after Country Garden, China's biggest private-sector developer by sales, missed interest payments on two US-dollar-denominated bonds. Both events are concerning because China's trust companies sell investment or trust products to corporate and wealthy clients. As of the end of 2022, China's trust sector's exposure to real estate was about 2.2 trillion yuan, or $302 billion, accounting for 10% of its total assets, per Bloomberg Economics.

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Persons: Wang Qiang, —, Wang, Zhongrong doesn't, Nomura, Zhongrong Organizations: Bloomberg, Service, Zhongrong Locations: Wall, Silicon, China, Shanghai, Zhongrong