Stay updated with breaking news from China shadow bank. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
China s stock market was plunging and its currency was teetering. The head of the central bank, fielding questions at a rare news conference, said China would make it easier to get home mortgages. It was February 2016 and Zhou Xiaochuan, the central bank s longtime governor at the time, announced what proved to be the start of an extraordinary blitz of lending by China s immense banking system. ....
China s dependence on real estate was lucrative during what seemed like a never-ending property boom, but it has become a liability after years of excessive borrowing and overbuilding. When China was growing faster, the excesses were papered over as developers borrowed more to pay off mounting debts. But now China is struggling to regain its footing after emerging from the paralyzing pandemic lockdowns its leaders imposed, and many of its economic problems are pointing back to real estate. ....
China's shadow bank, Zhongrong International Trust Co., is under fire over a slew of missed payments that have prompted concerns of an economic crisis. ....
China News: Founded in 1995 as a lumber business, Zhongzhi Enterprise Group Co. grew to become a financial conglomerate with more than 1 trillion yuan ($138 billi ....