Caixin
Feb 11, 2022 09:15 PM
FINANCE

Billionaire Zhang Jin Under Pressure to Pay $3.15 Billion Due Investors

Zhang Jin, the founder and chairman of Cedar Holdings, at a conference in 2019.
Zhang Jin, the founder and chairman of Cedar Holdings, at a conference in 2019.

Zhang Jin, the billionaire founder and chairman of commodities giant Cedar Holdings Group Co. Ltd., is under pressure to repay 20 billion yuan ($3.15 billion) due to investors in wealth management products (WMPs) backed by the company.

WMP sales managers from across China gathered at the company’s Guangzhou headquarters Wednesday demanding that Zhang take personal responsibility for the overdue WMP payments, according to company employees.

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