Shadow bank Zhongzhi files for bankruptcy as China’s debt and property crisis deepens

HANGZHOU, CHINA – NOVEMBER 15, 2023 – An aerial photo shows a new property under construction in Hangzhou City, Zhejiang Province, China, Nov 15, 2023.

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Zhongzhi Enterprise Group filed for bankruptcy liquidation late Friday, as the Chinese shadow banking conglomerate is unable to repay its debt amid a deepening real estate crisis in the country.

The company has filed for bankruptcy on the grounds that it is “clearly” lacking the ability to repay debt and has insufficient assets to pay off its dues, according to a WeChat statement issued by Beijing’s First Intermediate People’s Court.

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