China Credit Trust Co. started repaying investors in a high-yield product whose threatened failure spurred concern of further defaults and contributed to a sell-off in emerging-market stocks and currencies.
Most clients in Shanghai, Guangzhou and Beijing signed an agreement yesterday to transfer their rights in the 3-billion-yuan ($496 million) trust to unidentified buyers in exchange for an amount equal to the product’s face value, Chang Feng, a spokesman for an investor group, and Du Ronghai, another investor, told Bloomberg by phone. Investors were given until 5 p.m. today to accept the offer.
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