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. Last Updated: 07/27/2016

China to Close 5 Trusts

BEIJING -- China announced Tuesday that it would wind up five trust companies this month in a move analysts said would have only a limited impact on foreign creditors because the firms' debts were almost all domestic.

China's State Council had decided to wind up five trust and investment firms by the end of February as part of efforts to overhaul the chaotic sector, the official China Securities newspaper said. The newspaper identified the five as Xinda, Huarong, Dongfang, Changcheng and PICC trust and investment companies.