HONG KONG -- A trust arm under Ping An Insurance has acknowledged its failure to make an overdue payment on a product invested in a project by a Hong Kong-listed Chinese property developer, signaling that the country's real estate downturn is taking a toll on the broader financial sector.
China debt crunch
China insurer Ping An's trust arm misses payment over property downturn
Product reportedly worth $100m was invested in project by troubled developer Zhenro
The logo of Ping An Insurance, the parent of Ping An Trust, is seen at an internet conference at the National Convention Center in Beijing. © Reuters
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