SHANGHAI : Anxious Chinese retail investors are bombarding listed companies with questions about their exposure to Zhongrong International Trust Co after missed payments by the trust company triggered fears of contagion across the country's financial system.
The long list of queries, which keeps growing, suggests Zhongrong's liquidity crunch could trigger broader fears, and risk of contagion in a financial system already under pressure from China's slowing economy. Zhongrong, controlled by Chinese financial conglomerate Zhongzhi Enterprise Group, traditionally had sizable real estate exposure. Its missed payments had added to stress in the financial sector from the country's worsening property crisis.
Source: News Formal (newsformal.com)
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