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The Beijing police has launched a probe into the wealth management unit of Zhongzhi Enterprise Group, the authorities said over the weekend. Xie Zhikun, the founder of the group, died of a heart attack in December 2021, but his nephews hold key posts in the group, according to Chinese state media. Under China’s Criminal Procedural Law, “criminal mandatory measures” can mean anything from bail pending trial or house arrest to detention or arrest. The office building of Zhongrong International Trust, a trust company partially owned by Zhongzhi Enterprise Group, in Beijing, China August 22, 2023. A major reason behind the company’s financial woes is its strong links with China’s real estate sector.
Persons: Zhongzhi, Xie, Xie Zhikun, Florence Lo, ” Zhongzhi Organizations: Hong Kong CNN, Beijing, Zhongzhi Enterprise Group, International Trust, Reuters, CNN, Trust Locations: Hong Kong, Beijing, China, China’s
The office building of Zhongrong International Trust, a trust company partially owned by Zhongzhi Enterprise Group, in Beijing, China August 22, 2023. REUTERS/Florence Lo Acquire Licensing RightsSHANGHAI, Nov 25 (Reuters) - Beijing police are investigating suspected crimes committed by Zhongzhi Enterprise Group, a leading Chinese wealth manager, according to a social media post published by the Chaoyang Public Security Bureau on Saturday. Zhongzhi did not immediately reply to an email request for comment after normal business hours on Saturday. Zhongzhi apologised to its investors in a letter issued on Wednesday that said it had total liabilities of about 420 billion yuan ($58 billion) to 460 billion yuan ($64 billion), compared to estimated total assets of 200 billion yuan. The post did not specify what crimes Zhongzhi or the individuals were suspected of having committed.
Persons: Florence Lo, Zhongzhi, Casey Hall, Mark Potter Organizations: International Trust, Zhongzhi Enterprise Group, REUTERS, Rights, Chaoyang Public Security, Thomson Locations: Beijing, China, China's
BEIJING, Nov 23 (Reuters) - China's Zhongzhi Enterprise Group, a leading wealth manager, told investors it is heavily insolvent with up to $64 billion in liabilities, threatening to reignite concerns that the country's property debt crisis is spilling over into the broader financial sector. The firm, which has sizable exposure to China's real estate sector, apologised to its investors in a letter that said it had total liabilities of about 420 billion yuan ($58 billion) to 460 billion yuan ($64 billion). The liabilities compared to Zhongzhi's estimated total assets of about 200 billion yuan, according to the letter, which was issued on Wednesday and was seen by Reuters. 'ENORMOUS' HOLESigns of trouble at the Zhongzhi group first came to light in July when Zhongrong International Trust Co, a leading trust company controlled by Zhongzhi, missed payments on dozens of investment products. "The Zhongzhi group deeply apologises for the losses caused to investors.
Persons: Zhongzhi, Xu, Xing Zhaopeng, Christopher Beddor, Beddor, Ziyi Tang, Ryan Woo, Sumeet Chatterjee, Muralikumar Organizations: Zhongzhi Enterprise Group, Reuters, International Trust Co, Big, ANZ, Thomson Locations: BEIJING, Beijing, Zhongzhi, China's, China
The firm, which has sizable exposure to China's real estate sector, apologised to its investors in a letter that said it had total liabilities of about 420 billion yuan ($58 billion) to 460 billion yuan ($64 billion). The liabilities compared to Zhongzhi's estimated total assets of about 200 billion yuan ($27 billion), according to the letter, which was issued on Wednesday and was seen by Reuters. China's highly indebted property sector has been reeling from a liquidity crunch since 2020. Signs of trouble at the Zhongzhi group first came to light in July when Zhongrong International Trust Co, a leading trust company controlled by Zhongzhi, missed payments on dozens of investment products. "The Zhongzhi group deeply apologises for the losses caused to investors.
Persons: Zhongzhi, Ziyi Tang, Ryan Woo, Sumeet Chatterjee, Muralikumar Organizations: Zhongzhi Enterprise Group, Reuters, International Trust Co, Big, Thomson Locations: BEIJING, Beijing, Zhongzhi, China's, China
BEIJING, Nov 23 (Reuters) - China's Zhongzhi Enterprise Group, a leading wealth manager, told investors it is heavily insolvent with up to $64 billion in liabilities, threatening to reignite concerns that the country's property debt crisis is spilling over into the broader financial sector. The firm, which has sizable exposure to China's real estate sector, apologised to its investors in a letter that said it had total liabilities of about 420 billion yuan ($58 billion) to 460 billion yuan ($64 billion). The liabilities compared to Zhongzhi's estimated total assets of about 200 billion yuan, according to the letter, which was issued on Wednesday and was seen by Reuters. 'ENORMOUS' HOLESigns of trouble at the Zhongzhi group first came to light in July when Zhongrong International Trust Co, a leading trust company controlled by Zhongzhi, missed payments on dozens of investment products. "The Zhongzhi group deeply apologises for the losses caused to investors.
Persons: Zhongzhi, Xu, Xing Zhaopeng, Christopher Beddor, Beddor, Ziyi Tang, Ryan Woo, Sumeet Chatterjee, Muralikumar Organizations: Zhongzhi Enterprise Group, Reuters, International Trust Co, Big, ANZ, Thomson Locations: BEIJING, Beijing, Zhongzhi, China's, China
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTarget's earnings this quarter won't give investors a reason to own the stock, says Bill StoneBill Stone, The Glenview Trust Company CIO, discusses his expectations for Target earnings.
Persons: Bill Stone Bill Stone Organizations: Glenview Trust Company
Hackers stole millions of dollars of crypto from FTX after the company declared bankruptcy. At the time, the company transferred $500 million onto a USB drive to safeguard it, per Wired. AdvertisementAdvertisementFTX employees reportedly scrambled to stop hackers from making off with $1.1 billion in crypto as the crypto exchange went into meltdown late last year. According to a report from Wired, FTX adviser Kumanan Ramanathan held as much as $500 million worth of assets on a USB drive for several hours to protect it from hackers. FTX's security failures have been well documented since the crypto exchange collapsed last year.
Persons: Sam Bankman, , Kumanan Ramanathan, Ryne Miller, FTX, Fried Organizations: Service, Wired, Staff
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailStone: Earnings will likely finally snap three consecutive quarters of declinesBill Stone, Chief Investment Officer of The Glenview Trust Company, discusses the markets going in Q4.
Persons: Bill Stone Organizations: Glenview Trust Company
Leading High-Yield Savings Account RatesRemember that high-yield savings account rates are variable, so they will change over time. Fees no monthly service fee Annual Percentage Yield (APY) 5.26% Minimum Deposit Amount $1 Pros Check mark icon A check mark. FDIC Insured* Annual Percentage Yield (APY) 5.00% Minimum Deposit Amount $1,000 Pros Check mark icon A check mark. High-Yield Savings AccountsThe best high-yield savings accounts provide the security of a savings account with the added bonus of a high APY. 2-Year CDsThe best 2-year CD rates will be slightly lower than 1-year and no-penalty CD rates.
Persons: Banks, you'd, , Cash, we've Organizations: FDIC, CIT Bank, Savings, First, Citizens Bank & Trust Company, Federal Deposit Insurance Corporation, Bank & Trust Company, Connect, Barclays, Barclays Bank, Apple, Western Alliance Bank, Mint Western Alliance Bank, Start, Cash, Products, Technology Credit, Pelican State Credit Union, Federal Credit Union, of Commerce Federal Credit Union, Newtek Locations: Axos,
Troubled Chinese Trust Company Brings In State Help
  + stars: | 2023-09-16 | by ( Rebecca Feng | ) www.wsj.com   time to read: 1 min
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Persons: Dow Jones, e995551a
Leading High-Yield Savings Account RatesRemember that high-yield savings account rates are variable, so they will change over time. Fees no monthly service fee Annual Percentage Yield (APY) 5.26% Minimum Deposit Amount $1 Pros Check mark icon A check mark. FDIC Insured* Annual Percentage Yield (APY) 5.00% Minimum Deposit Amount $1,000 Pros Check mark icon A check mark. High-Yield Savings AccountsThe best high-yield savings accounts provide the security of a savings account with the added bonus of a high APY. 2-Year CDsThe best 2-year CD rates will be slightly lower than 1-year and no-penalty CD rates.
Persons: Banks, you'd, , Cash, we've Organizations: FDIC, CIT Bank, Savings, First, Citizens Bank & Trust Company, Federal Deposit Insurance Corporation, Bank & Trust Company, Connect, Barclays, Barclays Bank, Apple, Western Alliance Bank, Mint Western Alliance Bank, Start, Cash, Products, Technology Credit, USALLIANCE, Pelican State Credit Union, Federal Credit Union, of Commerce Federal Credit Union, Newtek Locations: Axos,
Leading High-Yield Savings Account RatesRemember that high-yield savings account rates are variable, so they will change over time. Fees no monthly service fee Annual Percentage Yield (APY) 5.26% Minimum Deposit Amount $1 Pros Check mark icon A check mark. FDIC Insured* Annual Percentage Yield (APY) 5.00% Minimum Deposit Amount $1,000 Pros Check mark icon A check mark. High-Yield Savings AccountsThe best high-yield savings accounts provide the security of a savings account with the added bonus of a high APY. 2-Year CDsThe best 2-year CD rates will be slightly lower than 1-year and no-penalty CD rates.
Persons: Banks, you'd, , Cash, we've Organizations: FDIC, CIT Bank, Savings, First, Citizens Bank & Trust Company, Federal Deposit Insurance Corporation, Bank & Trust Company, Connect, Barclays, Barclays Bank, Apple, Start, Western Alliance Bank, Mint Western Alliance Bank, Cash, Products, Technology Credit, Pelican State Credit Union, Federal Credit Union, of Commerce Federal Credit Union, Newtek Locations: Axos,
Leading High-Yield Savings Account RatesRemember that high-yield savings account rates are variable, so they will change over time. Fees no monthly service fee Annual Percentage Yield (APY) 5.26% Minimum Deposit Amount $1 Pros Check mark icon A check mark. FDIC Insured* Annual Percentage Yield (APY) 5.00% Minimum Deposit Amount $1,000 Pros Check mark icon A check mark. High-Yield Savings AccountsThe best high-yield savings accounts provide the security of a savings account with the added bonus of a high APY. 2-Year CDsThe best 2-year CD rates will be slightly lower than 1-year and no-penalty CD rates.
Persons: Banks, you'd, , Cash, we've Organizations: FDIC, CIT Bank, Savings, First, Citizens Bank & Trust Company, Federal Deposit Insurance Corporation, Bank & Trust Company, Connect, Barclays, Barclays Bank, Apple, Western Alliance Bank, Mint Western Alliance Bank, Start, Cash, Products, Technology Credit, Pelican State Credit Union, Federal Credit Union, of Commerce Federal Credit Union, Newtek Locations: Axos,
CD and Savings Account Rates Today
  + stars: | 2023-09-09 | by ( Business Insider | ) www.businessinsider.com   time to read: +21 min
Leading High-Yield Savings Account RatesRemember that high-yield savings account rates are variable, so they will change over time. Fees no monthly service fee Annual Percentage Yield (APY) 5.26% Minimum Deposit Amount $1 Pros Check mark icon A check mark. High-Yield Savings AccountsThe best high-yield savings accounts provide the security of a savings account with the added bonus of a high APY. 2-Year CDsThe best 2-year CD rates will be slightly lower than 1-year and no-penalty CD rates. Products in this post: Technology Credit Union 5 Month No Penalty CD, TotalDirectBank 6 Month CD, TotalDirectBank 1 Year CD, Pelican State Credit Union 2 Year Share Certificate, US Senate Federal Credit Union 3 Year Smart Share Certificate, Department of Commerce Federal Credit Union 5 Year Share CDBetterment Cash Reserve Account, CloudBank 24/7 High Yield Savings Account, UFB High Yield Savings, Milli Savings Account, Newtek Bank Personal High Yield Savings Account
Persons: Banks, you'd, , Cash, we've Organizations: FDIC, CIT Bank, Savings, First, Citizens Bank & Trust Company, Federal Deposit Insurance Corporation, Bank & Trust Company, Bank, Barclays, Barclays Bank, Apple, Western Alliance Bank, Mint Western Alliance Bank, Start, Cash, Products, Technology Credit, Pelican State Credit Union, Federal Credit Union, of Commerce Federal Credit Union Locations: Axos,
Leading High-Yield Savings Account RatesRemember that high-yield savings account rates are variable, so they will change over time. Fees no monthly service fee Annual Percentage Yield (APY) 5.26% Minimum Deposit Amount $1 Pros Check mark icon A check mark. Leading CD RatesMany of the best CD rates right now are offered by credit unions rather than banks. High-Yield Savings AccountsThe best high-yield savings accounts provide the security of a savings account with the added bonus of a high APY. 2-Year CDsThe best 2-year CD rates will be slightly lower than 1-year and no-penalty CD rates.
Persons: Banks, you'd, , Cash, we've Organizations: FDIC, CIT Bank, Savings, First, Citizens Bank & Trust Company, Federal Deposit Insurance Corporation, Bank & Trust Company, Bank, Barclays, Barclays Bank, Apple, American Express, Western Alliance Bank, Mint Western Alliance Bank, Start, Cash, Products, Technology Credit, Pelican State Credit Union, Federal Credit Union, of Commerce Federal Credit Union Locations: Axos,
What's gone wrong with China's economy
  + stars: | 2023-08-21 | by ( Laura He | ) edition.cnn.com   time to read: +8 min
It’s a far cry from global financial meltdown of 2008, when China launched the largest stimulus package in the world and was the first major economy to emerge from the crisis. It’s also a reversal from the early days of the pandemic, when China was the only major developed economy to dodge a recession. Property woesChina’s economy has been in doldrums since April, when momentum from a strong start to the year faded. While Evergrade is still undergoing a debt restructuring, troubles at Country Garden raised fresh concerns about the Chinese economy. Beijing has so far unveiled a steady incremental drip of measures to boost the economy, including interest rate cuts and other moves to help the property market and consumer businesses.
Persons: rekindling, Ying Tang, Morgan Stanley, Xi Jinping, It’s, what’s, Evergrande, Evergrade, , Julian Evans, Pritchard, Evans Organizations: Hong Kong CNN, UBS, Nomura, Barclays, Garden, Zhongrong Trust, CNN, Capital Economics, , People’s Bank of China, National Health Commission, Moody’s Investors Service Locations: Hong Kong, China, Shanghai, It’s, doldrums, Beijing, United States, Europe
REUTERS/Fabrizio Bensch/File Photo Acquire Licensing RightsWASHINGTON, Aug 21 (Reuters) - PayPal's (PYPL.O) stablecoin is likely to succeed where Facebook's failed, thanks to the payment giant's standing in Washington and policymakers' greater understanding of the issues in the last three years. "From a policy perspective, there is a seismic difference between Facebook's Libra and PayPal's stablecoin," said Isaac Boltansky, director of policy research for brokerage BTIG. Dan Dolev, a senior analyst at Mizuho, said PayPal USD is not a game-changer for PayPal investors. When Facebook unveiled Libra, a stablecoin whose operations were based in Switzerland and which was pegged to a basket of currencies, executives made no secret of their ambitions. Facebook rebranded Libra, scaled it back and moved the project to the United States, in a bid to win U.S. regulatory approval.
Persons: Fabrizio Bensch, stablecoin, Facebook's, Christopher Giancarlo, PayPal's, Isaac Boltansky, Dan Schulman, Dan Dolev, Maxine Waters, Joe Biden's, Janet Yellen, Yellen, TerraUSD, stablecoins, There's, Jack Fletcher, Patrick McHenry, Hannah Lang, Andrea Shalal, Pete Schroeder, Niket, Michelle Price, Matthew Lewis Organizations: PayPal, REUTERS, Rights, U.S ., Facebook, U.S . Commodity Futures Trading Commission, Federal Reserve, Meta, Paxos Trust, New York State Department of Financial Services, Mizuho, Financial Services, Treasury, Congress, prudential, Republican, Thomson Locations: Berlin, Germany, Washington, U.S, Switzerland, United States, transact, stablecoins, Bengaluru
Take Five: Summer at Jackson Hole
  + stars: | 2023-08-18 | by ( ) www.reuters.com   time to read: +5 min
REUTERS/Jason Reed Acquire Licensing RightsLONDON, Aug 16 (Reuters) - It's summer camp season and not to be left out, U.S. rate setters and overseas pals gather in Jackson Hole, Wyoming, to talk central banking. U.S. Federal Reserve officials (plus friends from the ECB, BoE and BOJ) descend on Jackson Hole, Wyoming on Aug. 24-26 for their annual central bank confab. Inflation remains sticky in places and investors want to know how long it will take for central banks to switch to easing. European PMIs could provide a bigger signal on whether the European Central Bank will hike again in September and if the Bank of England opts for a big rate increase. Turkey's central bank is poised to raise rates on Thursday for the third time in a row since Hafize Gaye Erkan was appointed as governor in early June.
Persons: Jason Reed, Ira Iosebashvili, Li Gu, Yoruk, Rosario, Marc Jones, Rachel Savage, BoE, Jackson, Vladimir Putin, Hafize Gaye Erkan, Erkan, Tayyip Erdogan, Dhara Ranasinghe, Stephen Coates Organizations: U.S . Federal, REUTERS, U.S . Federal Reserve, ECB, Nvidia, CARE, HK, China, European Central Bank, Bank of England, West, Reuters, Thomson Locations: Washington, U.S, Jackson Hole , Wyoming, China, Ira, New York, Shanghai, Amsterdam, Jorgelina, London, Johannesburg, confab, CHINA, Beijing, United States, European, Brazil, Russia, India, South Africa, Saudi Arabia, Argentina, Egypt, Turkey
China Evergrande has filed for US Chapter 15 bankruptcy protection. Chapter 15 protects the US assets of non-US companies undergoing restructurings. Tianji Holdings, an Evergrande affiliate, also sought Chapter 15 bankruptcy protection on Thursday, per the filing. Evergrande's Chapter 15 filing mentions ongoing restructuring proceedings in Hong Kong and the Cayman Islands. Evergrande's Chapter 15 filing came amid fears of widening economic woes in China as the country's real-estate crisis emanates.
Persons: China Evergrande, , Evergrande, China's, Jimmy Fong Organizations: US, Service, China, Tianji Holdings, Evergrande's, Hong Kong Stock Exchange, Zhongrong International, China Evergrande Group, Bankruptcy, Southern, of Locations: China, Wall, Silicon, Hong Kong, Cayman Islands, Guangzhou, of New York, Manhattan
Hong Kong's benchmark Hang Seng Index closed 20% lower from its most recent high on Friday. That puts it in bear market territory, with investors growing cautious on Chinese investments. China's economy is facing a troubled property market, deflation, and weak trade. Growing concerns around China's ailing economy have made investors more cautious around Chinese investments, and the index has declined 5.9% since last Friday. Most notably, however, is the unstable property market, which just saw Evergrande file for Chapter 15 bankruptcy, as well as two missed payments from developer Country Garden Holdings.
Persons: Dow Organizations: Service, Hong, HSBC, Bloomberg, Traders, Country Garden Holdings, Zhongrong, Nasdaq Locations: Wall, Silicon, Beijing
SHANGHAI/HONG KONG, Aug 17 (Reuters) - Faced with a liquidity crisis, Zhongzhi Enterprise Group will conduct a debt restructuring, the Chinese asset manager has told investors, as a deepening property sector downturn raises fears about spillover risks to the broader financial sector. Beijing-based Zhongzhi, which has sizable exposure to real estate, has stopped payment to investors in all investment products, its management told investors in a meeting on Wednesday, a video seen by Reuters showed. Zhongzhi's financial trouble is the latest challenge for Chinese authorities as they battle to contain a worsening property sector crisis and revive a faltering recovery in the world's second-largest economy. Zhongzhi has hired one of the Big Four accounting firms to conduct a comprehensive audit of the company, and is seeking strategic investors, its management told investors in Wednesday's meeting. Anxious retail investors are bombarding listed companies with questions about their exposure to Zhongrong after missed payments by the trust company triggered fears of contagion across the country's financial system.
Persons: Morgan Stanley, Zhongzhi, Lehman, Evergrande, Jason Xue, Clare Jim, Sumeet Chatterjee, Jacqueline Wong, Jamie Freed Organizations: Zhongzhi Enterprise, Reuters, Big, International Trust Co, Citigroup, Zhongrong International Trust, China Evergrande, HK, Energy Vehicle Group, Evergrande, Shanghai, Thomson Locations: SHANGHAI, HONG KONG, Beijing, Wednesday's, China, China's, Shanghai, Hong Kong
Anxious retail investors are bombarding listed companies with questions about their exposure to Zhongrong, a subsidiary of Zhongzhi, after missed payments by the trust company triggered fears of wider contagion. Zhongzhi's financial trouble is the latest challenge for Chinese authorities as they battle to contain a worsening property sector crisis and revive a faltering recovery in the world's second-largest economy. The Wednesday's meeting was held after Zhongrong International Trust Co, a leading trust company controlled by Zhongzhi, missed payments on dozens of investment products since the end of July, Reuters reported on Wednesday, citing sources. PROPERTY CRISISThe liquidity stress facing Zhongzhi highlights the ripple effect of an unprecedented debt crisis in China's property sector, which accounts for roughly a quarter of the economy that has rapidly lost momentum in recent months. Evergrande said late on Wednesday it would delay the voting date and scheme meetings with creditors for its offshore debt restructuring plan to Aug 23 and Aug 28, respectively, to give creditors more time to consider the terms.
Persons: Lehman, Morgan Stanley, Zhongzhi, Aly, Evergrande, Jason Xue, Clare Jim, Sumeet Chatterjee, Jacqueline Wong, Jamie Freed Organizations: Zhongzhi Enterprise Group, Reuters, Citigroup, Big, Workers, REUTERS, International Trust Co, Zhongrong International Trust, China Evergrande, HK, Energy Vehicle Group, Evergrande, Shanghai, Thomson Locations: SHANGHAI, HONG KONG, Beijing, China's, Zhongzhi, China, Wednesday's, Shanghai, Hong Kong
Morning Bid: Rattled by the China and Fed double whammy
  + stars: | 2023-08-17 | by ( ) www.reuters.com   time to read: +3 min
Underwhelming economic data, along with the ever-deepening property crisis, have unnerved investors and taken Asian stocks to their lowest since November. Zhongzhi Enterprise Group told investors that it was facing a liquidity crisis and will conduct a debt restructuring, two sources told Reuters. European stocks have been hamstrung too, with the pan-European STOXX 600 index (.STOXX) touching a one-month low on Wednesday and eyeing a lower open on Thursday. But it's important to remember that July's meeting came before a raft of U.S. data that underscored the resilient economy. England will face Spain on Sunday, looking to add a world title to last year's European Championship triumph.
Persons: Ankur Banerjee, Zhongzhi, Muralikumar Organizations: Silicon Valley Bank, Credit Suisse, REUTERS, Staff, Zhongzhi Enterprise Group, Reuters, International Trust Co, U.S, Federal, Traders, Australia, Reuters Graphics Reuters, Thomson Locations: Frankfurt, Silicon, Germany, Ankur, Asia, China, England, Spain, Croatia, Singapore
China property investment slid nearly 8% in the first half of the year, official data showed Monday, pointing to a deepening decline in investment for a sector that accounts for about a quarter of the world's second-largest economy. Zhongzhi Enterprise Group on Wednesday told investors it is facing a liquidity crisis and will conduct a debt restructuring, according to video footage of a meeting, as the Chinese asset manager grapples with a deepening property market downturn. Beijing-based Zhongzhi has hired one of the Big Four accounting firms to conduct a comprehensive audit of the firm, and is seeking strategic investors, Zhongzhi management told investors in a meeting on Wednesday, the video seen by Reuters showed. The liquidity stress facing Zhongzhi, which has sizable exposure to real estate, highlights the rippling effect of China's property debt woes. Zhongzhi is facing a "liquidity crisis" and has stopped payment to investors in its products, its management team told investors in the meeting, according to the video.
Persons: Zhongzhi Organizations: Zhongzhi Enterprise, Wednesday, grapples, Big, Reuters, International Trust Co, Anbang Insurance, HNA Group Locations: China, Beijing
Investors look at an electronic board showing stock information at a brokerage house in Shanghai, China, March 7, 2016. REUTERS/Aly Song/File Photo Acquire Licensing RightsSHANGHAI, Aug 16 (Reuters) - Anxious Chinese retail investors are bombarding listed companies with questions about their exposure to Zhongrong International Trust Co after missed payments by the trust company triggered fears of contagion across the country's financial system. Zhongrong managed assets worth 785.7 billion yuan ($107.69 billion) at the end of 2022, out of which 629.3 billion yuan were linked to trust products, according to its latest annual report. Its missed payments had added to stress in the financial sector from the country's worsening property crisis. One investor on Wednesday asked Shanghai-listed New China Life Insurance Company (601336.SS) - which owned 14 billion yuan ($1.92 billion) of products from Zhongrong at the end of last year - whether there was a risk of missed payments.
Persons: Aly, Huang Yan, Jason Xue, Tom Westbrook, Tomasz Janowski, Jason Neely Organizations: REUTERS, Rights, Zhongrong International, Co, Investors, Shanghai QiuYang, Zhongzhi Enterprise Group, Wednesday, Shanghai, China Life Insurance, KBC Corp, Bescient Technology, Shanghai New Vision Microelectronics, Nanhua, Jiangsu Azure Corp, Topsperity Securities, Thomson Locations: Shanghai, China, Shenzhen, Zhongrong, Jiangsu, Singapore
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