Chinese property trusts face record repayments next year as the real-estate market cools, fueling speculation among bond funds that more developers will collapse.
Among the nation’s billionaires, one of the most sought-after pieces of real estate right now is a quiet storefront in Sioux Falls, South Dakota.
PAG, a Hong Kong-based manager with more than $10 billion of assets, has received more investor commitments than it had targeted for a second fund that will provide new loans to Asian companies.
China’s banking regulator ordered owners of the nation’s 68 trust companies to be prepared to provide funding or sell their stakes as the risk of defaults rises in the $1.9 trillion industry for high-yield investment.
Defaults in China’s $1.8 trillion trust industry are triggering protests and spurring calls from legal experts for clearer rules on sales of investment products.