Many trust companies received phone calls last Friday from the China Banking Regulatory Commission. The business of trust companies will be curtailed as the volume of wealth-management products account for two-thirds of their total business.This is the practiced used by banks and finance companies in the U.S. to remove mortgages from their balance sheet, but the Chinese are nipping this practice in the bud.
Planetree (0613): breach of Listing Rules: undisclosed loans to South Shore
(ex-0577) and Charles Chan Kwok Keung
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Mr Chan paid interest at 18% p.a. quarterly (19.25% APR) for the loans
totalling HK$26m granted to him in June 2021.
Source: Company announcement | Source d...
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