Nearly One-Third of China’s Unruly Trust Industry Fined in 2019

Almost one-third of China’s trust companies were punished by regulators in 2019 for a range of violations, including continuing to conduct illicit shadow banking business and illegal real estate investment.

The China Banking and Insurance Regulatory Commission (CBIRC) and the People’s Bank of China have penalized at least 22 of 68 Chinese trust companies this year, with fines amounting to 22.5 million yuan ($3.2 million), according to Caixin calculations based on public records as of Sunday.