China’s 21st Century Business Herald reports (via MNI):
- China Beijing Safe Bank Investment Funds is unable to repay investors on a CNY600 million product
- Was due back in March
- Officials are now saying they are still unable to pay out, despite the three month extension
- The company has around CNY4 billion in outstanding products, with 2,000 investor; most are set to mature in June
- The company’s former legal representative has said the company is working on disposing of its assets but can’t guarantee how much investors will get back
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Falling safe mode, anyone?
