A Chinese fund company has avoided a high-profile default, reaching a last-minute agreement to repay investors in a soured $500m high-yield investment trust, in a case that had sent tremors through global markets.
China Credit Trust, one of the country’s biggest shadow bank institutions, raised Rmb3bn from investors three years ago for the investment, which was backed by loans to a coal miner that later collapsed.
Chinese authorities, alive to the ramifications for a booming shadow banking sector, had been scrabbling to prevent a default. Nonetheless, investors were braced to lose their money when the fund matured at the end of January.
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