China insurer Ping An's trust arm misses payment over property downturn

HONG KONG -- A trust arm under Ping An Insurance has acknowledged its failure to make an overdue payment on a product invested in a project by a Hong Kong-listed Chinese property developer, signaling that the country's real estate downturn is taking a toll on the broader financial sector.

Ping An Trust on Wednesday said it had delayed payment on a product called Fu Ning No. 615 because "the overall property downturn" had impacted its ability to do so, according to an announcement made on its public WeChat account.