(Beijing Comprehensive News) Another listed company claims that Zhongrong Trust products purchased have not been paid overdue.This shows that since the breakthroughs of the trust products in the middle of August, the risks are still spreading.
The listed company's Weiguang Co., Ltd. issued an announcement on Friday (September 15) stating that many trust products issued by the company and subsidiaries using idle funds purchased by China Rong Trust have not been recovered about 408 million yuan (RMB, the same below, about 76.47 million yuan).
Interface News reported that since August, 11 listed companies have announced that the trust products under the purchase of Zhongrong Trust have failed to pay for the overdue, with a cumulative amount of 672 million yuan.
Zhongrong Trust is a subsidiary of China ’s largest asset management company, Zhongzhi Enterprise Group, with more than 700 billion yuan in assets and has a large number of real estate business.The market is concerned that the real estate industry has not recovered, the financial situation of China Rong is difficult to alleviate, or more defaults.
The official website of Zhongrong Trust rarely issued an announcement on Friday evening, saying that due to the multiple factors of internal and external factors, some of the company's trust products cannot be redeemed on schedule.In order to improve the company's operating management efficiency, the company has signed a trust agreement with the two major financial institutions and the CITIC Trust to provide professional services for the company's management management.
Bloomberg reported that at the end of August, Chinese officials have arranged two trust companies to debt China Rong.Zhongrong's parent company Zhongzhi Group also faces a liquidity crisis. It has stopped payment of wealth management products and will launch debt reorganization.
