‘Channeling’ Business Thrives in China’s Trust Industry Despite Curbs
Despite a government clampdown, China’s trust industry still relies heavily on easy money by “channeling” funds to borrowers often restricted from the formal lending system.
In the three months ended Dec. 31, total trust assets managed by 68 Chinese trust companies grew by 29.81% year-over-year to 26.25 trillion yuan ($4.17 trillion), the China Trustee Association (CTA) reported on Wednesday.
- 1China’s Moon Explorer Posts Photo of Sprouting Cotton Plant
- 2Huawei Canada Exec Quits as Scandal Continues to Embroil Company
- 3Luckin Coffee Reportedly Seeks IPO in Hong Kong
- 4Bank of China to Test Waters for Perpetual Bonds
- 5Apple Chief Counsel Accuses Qualcomm of Holding Smartphone-Makers for ‘Ransom’
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas