Anxin Trust delays trust payout of RMB 2.8 billion to over 1,000 investors.
May 22, 2019 (China Knowledge) - A trust product issued by Shanghai-listed Anxin Trust and Investment Co. to back a rural revitalization project in western China has failed to make a RMB 2.8 billion repayment to more than 1,000 investors, delaying redemptions by up to 12 months.
According to Guizhou Hongde Property Co., the company current managing the rural revitalization project, the liquidity of the company had been hurt by slowing sales and failure to obtain government subsidies which resulted in the company being unable to raise sufficient capital to repay investors.
The trust payout will now be postponed for a year with the expected annualized rate of return increasing by 0.5 percentage points. This trust is not considered to be in default as the contract allows for deferred payments of up to 12 months.
The delayed payout had caught investors by surprise as Anxin Trust had said that Guizhou Hongde Property had a sound financial position and the project was proceeding smoothly during its first-quarter...
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