Now, in the wake of a government clampdown on real estate firms’ debt binge, that credit demand has collapsed – and so too has the single biggest revenue stream for shadow banks, also known as trust firms. | Reuters
“Everyone was eating a mouthful of rice, surviving another day,” said Jason Hao, who left his job this year at a Shanghai trust firm after his pay plunged from as much as 4 million yuan a year to about 240,000 yuan .Data from industry-tracking website Yanglee.com shows 1,483 real estate-related trust products were sold in 2022 through the end of September, down 69.7 percent from 4,891 during the same period last year.
Because of the risk, shadow banks could charge interest rates of up to 18 percent, far higher than the typical 2 percent to 6 percent seen at banks at the height of the boom. CCB Trust wants to invest in leading companies in niche fields; it recently invested in Beijing Tianyishangjia New Material Corp, which manufacturers materials used in train brakes, said one person who works at the company.
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