Zhongzhi is the latest victim of China’s worsening debt and property crisis

Zhongzhi is the latest victim of China’s worsening debt and property crisis

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

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

The company has filed for bankruptcy on the grounds that “it is clear…It lacks the capacity to repay debts and does not have sufficient assets to pay its dues, according to a WeChat statement issued by the First Intermediate People’s Court in Beijing.

(Tags for translation)East Asia

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