Wealthy Chinese investors stage protest over trust default

by The Daily Lede

Wealthy Chinese investors stage protest over trust default

For millennia China’s poor and downtrodden have taken their grievances to the capital to seek redress from their rulers. In recent weeks, Beijing has witnessed something new – the arrival of growing numbers of wealthy petitioners.

On Monday afternoon, several dozen rich investors from around China gathered outside the headquarters of state-owned China Construction Bank in the heart of Beijing’s financial district to protest over the default of a high-interest “trust product”.

Wearing face-masks with “CCB return our money” written on them and chanting slogans, the protesters, several of them in their 60s, were dispersed after police detained six of them.

“We bought these products because we trusted CCB and because they told us at the time there was no risk, only high returns,” said one angry protester who invested several million renminbi in a trust product sold by the bank that has now defaulted.