Anne Xing poses for pictures in front of the branch of China Everbright Bank in Shanghai, China, December 7, 2017. REUTERS/Aly Song
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The Chang'an Trust product was one of countless so-called wealth management products sold to investors to help raise money for a massive wave of lending in China that began in the aftermath of the 2008 global financial crisis.At first, Anne Xing says, they thought they were buying an Everbright Bank product.By the end of 2015, shadow lending was growing faster than traditional bank lending, and was equivalent to 57 percent of total bank loans, according to a 2016 report from investment bank CLSA.One of the biggest dangers is that banks must repay investors in many of the wealth management products and other creditors in three or six months.Xing said that Chang'an told her it was Everbright that had sought to set up the wealth management product.
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