Business
China Shadow Bank Zhongrong Misses Payments, Sparking Protests
Zhongrong International Trust Co., one of China’s biggest shadow banks. missed payments on dozens of products, as the fallout from a deepening property slump spreads to the financial sector. About two dozen people protested outside the firm’s office, in a rare show of public outrage after the missed payments. Meanwhile, distressed developer Country Garden Holdings Co. warned about “major uncertainties” in redemption of its bonds. Stephen Engle reports on Bloomberg Television.
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On the early edition of Balance of Power, Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz discuss the latest from the White House. On today’s show, Harvard Kennedy School Ash Center Visiting Democracy Fellow Jeanne Sheehan Zaino, American Principles Project Political Director Katie Frost, Kuwait Petroleum Corporation CEO Sheikh Nawaf Al-Sabah and Sabato’s Crystal Ball Managing Editor Kyle Kondik.
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00:03:55 Trump’s Final Midterm Campaign Push
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The Close brings you the latest news and analysis leading up to the final minutes and seconds before and after the closing bell on Wall Street. Today’s guests are Cboe Global Markets VP, Head of Derivatives Market Intelligence Mandy Xu, Needham Senior Internet Analyst Laura Martin, PGIM Head of Real Estate Credit Strategies Bryan McDonnell, Gabelli Funds Managing Director for Growth Portfolios John Belton,Gerber Kawasaki Wealth & Investment Management Co-Founder, President, & CEO Ross Gerber, SPG Global Managing Director Simon Gallagher, Former NBCUniversal Head of Seeso Streaming Services Evan Shapiro, Offscript Worldwide CEO Detavio Samuels, & AlixPartners Tech, Media & Telecommunications Americas Leader Jeff Goldstein.
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Bloomberg News Russia economy and government editor Anthony Halpin and White House correspondent Jeff Mason tell Bloomberg This Weekend that President Donald Trump’s waiver of new Russia sanctions could offer Moscow economic and diplomatic opportunities while adding pressure on Ukraine.
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@Mechura_Tejano
December 20, 2023 at 8:07 am
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@BSGTheMillionaireMaker
December 20, 2023 at 8:07 am
Chinese apartments are 100 times more expensive than the average salary in China. This was going to crash sooner or later.
@romeolucero3704
December 20, 2023 at 8:07 am
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@holyalmightycreatorgroup2015
December 20, 2023 at 8:07 am
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3.) 5-10 Billions of Money job payment to received every month, to all Government Politicians and Government workers.The sources of their money to spend is from the Country Government Private Bank.
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@PeterZandorff
December 20, 2023 at 8:07 am
The end of the one child policy never resulted in the chinese having more children since that meant bigger apartments which they could´nt afford hence there were built way more apartments than needed for the future generation especially since apartment prices increased 700% in value in a decade due to heavy speculation.
@sting114
December 20, 2023 at 8:07 am
Ponzi schemes
@wilsonedwards8139
December 20, 2023 at 8:07 am
Tik Tak Tik Tak ….💣
@dilibau
December 20, 2023 at 8:07 am
They’re fucked
@lochnessmonster5149
December 20, 2023 at 8:07 am
$150 billion ponzi scheme.
@carribyanadventures
December 20, 2023 at 8:07 am
INSTABILITY, INSECURITY ARE THE RECURRENT WORDS OF THE MODERN TIMES. THAT IS WHY MOST PEOPLE don't buy properties anymore unless it's paid in cash.
@fasteddy-fd3kr
December 20, 2023 at 8:07 am
Jp Morgan chase will take care of this. They are big in china.
@conradbo1
December 20, 2023 at 8:07 am
Building 100's of still born ghost cities and thousands of kilometers of highspeed rail that is rarely used cannot be sustained and will not end well.
@MrPolecar420
December 20, 2023 at 8:07 am
GOOD!!!…bastards have been cheating and lying too long ,,,,now its gonna bite em in the ass !!…HOPE THE DAMN CCP SHITHOLE BURNS TO THE GROUND !….THE DAMAGE THEY DID TO THE REST OF THE WORLD , THEY DESERVE NOTHING !!!
@jjreddick377
December 20, 2023 at 8:07 am
This needs to be a bigger story. This will impact us all the bubble economy of China is about to burst
@markfuller
December 20, 2023 at 8:07 am
The Chinese should expect the right to protest. They talk about how great their system is. But, how great is it if you can't say anything else? (They say the west isn't that great. Ok. But, at least we can say that.).
@PaulS-yl6hk
December 20, 2023 at 8:07 am
Great! part of Changing the World Order. No sympathy for Chinese Nationals and their "ONE CHINA" mantra. Its ALL about their gain, no one else's, Karma. People are very naive, feeling sorry for netizens, they don't care about others. PERIOD
@Funktastico
December 20, 2023 at 8:07 am
What's a shadow bank ?
@Bloodlinedev
December 20, 2023 at 8:07 am
"where they prefer stability" – as opposed to all the other humans on earth who can't wait for chaos and destruction. 15 seconds into the video and my brain wants to fall out.
@craig3949
December 20, 2023 at 8:07 am
China has allowed CCP to steal from them until now….. its dying days
@RichardBrett899
December 20, 2023 at 8:07 am
Don't forget to mention the bank collaspes and downgrade of credit rating in the US 😂
@Brandon-jw5cv
December 20, 2023 at 8:07 am
China is in serious trouble. Overegulation, a massive bureaucracy and lack of transparency makes for a perfect storm and eventual collapse of the economy.
@DanielSmith-sl3pv
December 20, 2023 at 8:07 am
Now with China going through what is their CCP self-inflicted Great Depression in their overall economy – how is this not being felt on Wall Street??? Being that Wall Street, the last 10-years was rippen higher on any good news out of CCP China…help me understand this disconnect better???
@valetudo1569
December 20, 2023 at 8:07 am
1. People asking why this is happening is because the news about whats actually happening in the economy is being hid
2. It's wild how the government is asking financial institutions not to be net sellers of equities, again, to hide what's going on. This cannot be a good sign
@ma_zu_888
December 20, 2023 at 8:07 am
😝😝😝 experts 🥳🤡🐒🍌🍌🍌🍌🍌🤣🤣🤣🤣
@panama-canada
December 20, 2023 at 8:07 am
What is a “shadow bank”?
@HKim0072
December 20, 2023 at 8:07 am
Imagine if you are a homebuyer of a pre-paid property. You are paying a mortgage on a future property and the developer goes bankrupt.
Guess what? The bond holders now own the building and can sell “your” property to recoup their bond principal. The homebuyer now has to pay a mortgage for a property they don’t own and will never receive.
HAHAHAAHAHHAAAAHHAA.
(This is why the CCP is delaying bankruptcies in these insolvent developers.)
@liminalist451
December 20, 2023 at 8:07 am
pls china dont bail them out..teach them a lesson. let them crash.
@apsmith1635
December 20, 2023 at 8:07 am
The Ponzi Scheme came to an end.
@REX4340
December 20, 2023 at 8:07 am
Timber!
@ACK333
December 20, 2023 at 8:07 am
Luckily they don’t package the debts for sales and have any hidden figures.
@alextran7680
December 20, 2023 at 8:07 am
Bank misses payment ? LOL … Pooh Bear is defaulting payments ? What can you do with CCP Ponzi Scams ? Sell more FAKE IN CHINA ?
@Balance-yz4qg
December 20, 2023 at 8:07 am
Corporate Officials…. got their luggage packed….. leaving tonight.
Exit … 🛫
@LivingWithGout
December 20, 2023 at 8:07 am
It’s safe to say they’ve been wong.
@brewsandbass5572
December 20, 2023 at 8:07 am
Biden will save them.
@LivingWithGout
December 20, 2023 at 8:07 am
The Lehman moment we were waiting for. China is about to collapse.
@meehanasap
December 20, 2023 at 8:07 am
How many US firms own Chinese real estate debt?
@Godiazul
December 20, 2023 at 8:07 am
Some might say it's a ticking time bomb
@WorldIsWierd
December 20, 2023 at 8:07 am
And people STILL think china is growing 6%, billion dollar banks missing payments, real estate down, unemployed youth and its growing 6% thats insane.