China Minsheng Banking Corp., the country's largest privately owned bank by assets, is likely going through its coldest winter ever.
The Shanghai- and Hong Kong-listed lender is a major casualty of China's property downturn. Minsheng is one of the largest creditors of debt-ridden China Evergrande Group, and it also lent tens of billions of yuan to other risky developers, sources with knowledge of the issue told Caixin. Some industry insiders say the bank will likely struggle to collect these debts, some of which could soon turn irreparably sour.
