A property market crash or a government debt disaster are the most sensational risks facing Chinese trust companies, but they are distant prospects. The most immediate concern for trusts is the growing array of financial institutions moving onto their turf.
Nearly 90 per cent of the trust sector’s revenue is at risk because of this competition, according to a report published late last year by consulting company McKinsey and Ping An Trust.
The first challenge is to their “conduit business”. Apart from making their own investments, trusts have played a crucial role as a conduit through which banks sell assets off their balance sheets.
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