Beijing’s latest rate cuts will do little to soothe growing concerns about contagion from the property sector spilling into the broader economy.
will inspire a wave of borrowing.
The investment trust market, which is said to be worth about $4.5 trillion, is a loosely regulated part of China’s shadow banking sector. The trusts allow mainly wealthy Chinese to pool funds to lend money and invest across real estate, equities, bonds and commodities in a way that no other Chinese players can.
The fear is that if the investment trusts default, they won’t be able to keep funding property developers.
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