Chinese shadow banking giant Zhongzhi Enterprise Group Co. filed for bankruptcy, cementing the rapid downfall of a firm that oversaw more than $140 billion at its peak before succumbing to the property crisis that has wreaked havoc on the world’s second-largest economy.
Zhongzhi said it “obviously” lacked the ability to repay its debts, according to a statement Friday from Beijing’s First Intermediate People’s Court, which accepted the case. An audit found Zhongzhi’s debts were as much as 460 billion yuan ($64.3 billion), compared with assets of 200 billion yuan, according to a letter to investors in November.
https://www.bloomberg.com/news/arti...gzhi-files-for-bankruptcy?srnd=premium-europe
China´s president needs to print URGENTLY more money aka Chinese Yuan. This is getting out of control over there.
Zhongzhi said it “obviously” lacked the ability to repay its debts, according to a statement Friday from Beijing’s First Intermediate People’s Court, which accepted the case. An audit found Zhongzhi’s debts were as much as 460 billion yuan ($64.3 billion), compared with assets of 200 billion yuan, according to a letter to investors in November.
https://www.bloomberg.com/news/arti...gzhi-files-for-bankruptcy?srnd=premium-europe
China´s president needs to print URGENTLY more money aka Chinese Yuan. This is getting out of control over there.
