Government to Dispatch Team to Deal With Risks at Huaxin Trust

A local government team will be dispatched to deal with the risks posed to the financial system by Huaxin Trust Co. Ltd., after the company struggled to pay out on dozens of investment products.

Huaxin Trust, one of the country’s 68 licensed trust companies, is taking measures to dispose of its risks under the guidance of local officials and financial regulators, according to a statement (link in Chinese) released Wednesday by the finance bureau of its home city of Dalian, in Northeast China’s Liaoning province.