Another Chinese ‘Wealth Management’ Product Bites The DustVW Staff
A Reuters report last week said China’s Evergrowing Bank may have to make good on guarantees it issued on a principal amount 3.7 billion yuan and 300 million yuan of interest dues on an off-balance sheet, wealth management product issued by one of its shareholders and an affiliate.
How the entities deployed the funds is not known, but evidently the investments have turned sour . . .
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