The Chinese shadow bank at the heart of concerns over missed payments to customers has lent money to several of the country’s struggling property developers, according to a Financial Times analysis of legal and company filings.
The connections between Zhongrong, a giant of China’s $3tn shadow finance industry, and property developers have fuelled fears of spillover effects from a slowdown in the real estate sector, which accounts for more than a quarter of China’s economic activity.
This has added to mounting concerns about the state of China’s economy, which is struggling to recover after the Covid-19 pandemic.
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