Shanghai-listed Anxin Trust Co. Ltd. was once lauded as China's most profitable trust company. That was before a 50 billion yuan ($7 billion) financial black hole appeared in its books, along with mounting defaults and opaque operations that have regulators seeing it as a troublemaker.
Caixin
Anxin Trust's $7bn investment black hole
Once lauded as most profitable trust, its troubles now ripple though industry
Anxin had nearly 200 billion yuan under management with nearly 80 billion yuan of unpaid debts as of the end of June. (Photo by Caixin)
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