Ping An Trust Wins Court Ruling, Forcing Troubled Developers to Repay Funds

A Shenzhen court has ordered two subsidiaries of troubled developer Zhenro Properties Group Ltd. (正荣地产集团有限公司) to repay 772 million yuan ($106.6 million) to the trust arm of Ping An Insurance (Group) Co. of China Ltd., which is striving to recoup the cash after missing payments to investors.

In 2021, China Ping An Trust Co. Ltd. (平安信托有限责任公司) used the capital raised through one of its trust plans to buy a 70% stake in a developer backed by the two Zhenro subsidiaries. The following year, the subsidiaries failed to buy back the equity due to the Hong Kong-listed property giant’s debt crisis.