Rising Distress as Angry Investors Protest Chinese Shadow Bank

Angry investors in China protested outside a shadow bank after it missed payments on investment products, in a rare show of public anger in the country. The protests highlight growing concerns over China’s economy, including debt and housing distress. A day later, it was reported that the shadow banking giant behind Zhongrong, Zhongzhi Enterprise, is planning to restructure its debt. The company has hired KPMG to audit its balance sheet, signaling potential financial troubles. These events come in the wake of China’s largest private-sector developer, Country Garden, also missing interest payments on bonds, further adding to worries about the stability of the Chinese economy.