- Kunming Trust
Kunming International Trust Co, established in 1993, is a Chinese
trust companybased in Kunming, Yunnan. It is a relatively small firm in China which has several billion yuan (several hundred million dollars) of assets under management but is the largest in the southwest province of Yunnan. Kunming Trust is currently controlled by the financial authority of the Kunming municipal government, which has agreed to clear the trust firm's debt. Since 2006 Kunming Trust has been one of many to be targetted by the financial authorities to bolster China's trust companies, which were hit over the past decade by a series of bankruptcies and scandals.Kunming Trust was ordered by China's central bankto carry out an internal overhaul after its operations ran into trouble, due partly to failed investments early this decade that involved the misuse of clients' assets, according to reports in China's official media.
In July 2008, the Australian bank
Macquarie Groupplanned to buy just under 20 percent of Kunming Trust. After spending over a year in negotiations, Macquarie is expected to hold management control and have the right to appoint senior executives at Kunming Trust, and it will work with other new domestic investors to restructure the firm.
*indirect fund-raising for domestic enterprises
Financial services in China
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