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Mega Default In China Scheduled For January 31

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posted on Jan, 21 2014 @ 02:32 PM
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There should be no mystery why this investment, known as “2010 China Credit-Credit Equals Gold #1 Collective Trust Product,” is on the verge of default. China Credit Trust loaned the proceeds from sales of the 3.03 billion-yuan ($496.2 million) product to unlisted Shanxi Zhenfu Energy Group, a coal miner. The coal company probably is paying something like 12% for the money because Credit Equals Gold promised a 10% annual return to investors—more than three times current bank deposit rates—and China Credit Trust undoubtedly took a hefty cut of the interest.

Mega Default In China Scheduled For January 31 --> Opinion piece
Actual News article...

Did search didn't find anything. Someone told me about this so i thought i would go search and read the article. Thought it might be important, really don't have an opinion on this. My question is what effect will it have it, if any, with the US Market.


edit... at least someone will kinda "pay" for the wrong doings.
"One of its vice chairmen was arrested in May 2012 for taking deposits without a banking license, undoubtedly trying to raise funds through unconventional channels"
wu
edit on 21-1-2014 by wuforde because: added opinion

edit on 21-1-2014 by wuforde because: added news link




posted on Jan, 21 2014 @ 03:06 PM
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www.abovetopsecret.com... search function is less than perfect



posted on Jan, 21 2014 @ 03:13 PM
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reply to post by 727Sky
 


Thanks!

MODS please close.



posted on Jan, 21 2014 @ 04:52 PM
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Please continue discussion at the link above. Thread closed.



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