2020 Sichuan Trust bankruptcy leaves elderly Chinese retirees with financial losses amid broader economic slowdown.
Elderly retirees in China face significant financial losses after Sichuan Trust, a troubled trust fund, went bankrupt in 2020 due to poor accounting and failed investments in the property industry. The government's plan to return a fraction of the investors' money has left some retirees in deep financial trouble. This situation reflects a broader economic slowdown in China, which relies heavily on real estate development for growth and job creation.
March 13, 2024
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