Citic Trust News Today

One of China’s largest investment firms, Citic Trust, had a clear pitch to investors when it was aiming to raise $1.7 billion to fund property development in…

Citic said its new fund was as safe as they come because it would invest in real estate. Then the developer defaulted and the projects stalled.

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By Rebecca Feng Chinas Zhongzhi Enterprise Group has at least $31 billion more liabilities than assets and now faces significant going concern risks, it said in a letter to investors this... -November 23, 2023 at 05:46 am EST - MarketScreener

As Caixin mentioned, Suning.com It receives a lifeline worth 5 billion yuan ($685 million) from City Trust and China Huarong Asset Management, with

China’s embattled retail giant Suning.com is getting a RMB 5 billion ($685 million) lifeline from state-backed Citic Trust and China Huarong Asset Management to help turn its business around, reports Caixin. Citic Trust and China Huarong will invest the funds in Suning over 10 years to help revive the once-highflying retailer, according to Citic Trust,…

Chinese police have detained some staff of Evergrande’s wealth management unit after the company failed to repay investors, in the first criminal probe launched against the embattled property developer since it was hit by a massive debt crisis in late 2021.

The involvement of two Chinese state-owned financial firms in Zhongrong International Trust Co's operations and management may diffuse risk at the troubled shadow bank but does little to ease concerns about missed payments, analysts and investors said. The shadow bank, which traditionally had sizable real estate exposure, missed payments on dozens of so-called trust products since late July, roiling markets and raising fears that China's financial system may be at risk from the proper...

The involvement of Chinese state-owned financial firms, Citic Trust and CCB Trust, in Zhongrong International Trust Cos operations and management is seen as a measure to diffuse risk, but it does little to alleviate concerns about missed payments. Zhongrong, a troubled shadow bank with real estate exposure, has missed payments on trust products, causing market turmoil and raising fears

By Laura He, CNN