21 January 2019

CITIC Group unit ‘may invest in trust product, Bloomberg says

A unit of state conglomerate CITIC Group Corp. might help bail out investors in a troubled 3 billion yuan (US$496 million) trust product, Bloomberg reported Wednesday, citing the Oriental Morning Post. The report said the transaction is under way, according to a person close to Industrial & Commercial Bank of China Ltd. No details of the name of the unit or the investment amount were given. ICBC, which distributed the product sold by China Credit Trust Co. to its private banking clients, told customers on Jan. 27 that they can sell their rights to unidentified buyers to recoup the principal, the report said. 

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