Apr 11, 2024 05:44 AM
FINANCE
Ping An Trust Misses Payment on Property-Backed Investment Plan
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Hong Kong-traded Zhenro is among a long list of developers struggling with a debt crisis and has defaulted on multiple debt obligations in the past few years
China Ping An Trust Co. Ltd., a subsidiary of financial conglomerate Ping An Group, has delayed payment of a trust product backed by a property development project, highlighting the broader impacts of the country’s persistent real estate troubles.
Ping An Trust Wednesday apologized to investors for failing to repay the product on time, citing the “overall property market downturn.”
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