Hundreds of frustrated Chinese investors protested this week outside a rare earth metals exchange in the country’s south after it was unable to return their money, highlighting the risk of shadow lending.
Investors said the Fanya Metal Exchange gradually refused to pay out on investment products — that had promised annual returns of 10 per cent or more — following a collapse in the price of rare metals, which were used as collateral against the customers’ funds.
The fallout is an indication of the number of high-return products in China that are at risk of default, hurting individual investors.
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