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China s Zhongzhi Enterprise Group told investors it is heavily insolvent with liabilities of up to $64 billion, more than double its assets, as one of the country s leading wealth managers grapples. ....
A liquidity crisis at one of China s top asset managers Zhongzhi Enterprise Group has fuelled worries that the country s deepening property sector crisis is spilling over into its $57 trillion. -Today at 06:23 am- MarketScreener ....
A liquidity crisis at one of China's top asset managers Zhongzhi Enterprise Group has fuelled worries that the country's deepening property sector crisis is spilling over into its $57 trillion financial industry, even as the economy is weakening. The group will conduct a debt restructuring, investors sources told Reuters after being briefed by management, a video seen by Reuters showed, after a trust firm controlled by the group missed payments on dozens of investment products. Zhongzhi's trouble has raised worries of a contagion risk to the financial sector if other trust firms default on repayment obligations in the $3-trillion shadow banking industry, which traditionally has had high exposure to the property industry, which is in a deepening slump. ....
Factbox-Five Facts About China Asset Manager Whose Troubles Fanned Spillover Fears usnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from usnews.com Daily Mail and Mail on Sunday newspapers.