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Despite government intervention, China's property crisis has been deepening as shadow bank Zhongzhi Enterprise Group declared bankruptcy on Jan. 5. The bank, which had financed the operations of several Chinese property developers over the years, stated in August 2023 that it was facing a liquidity crisis with many real estate companies defaulting on their debt and interest payment obligations. Colossal Liabilities Zhongzhi Enterprise had assessed its overall obligations to be in the range of 42
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