Norobiik @[email protected]

#Zhongzhi, an asset and wealth management company in #China’s #ShadowBanking sector, said its total assets amounted to 200bn yuan (£22.5bn) against obligations of up to 460bn yuan, in a letter to shareholders issued on Wednesday. #PropertyMarketCrisis #CountryGarden

Chinese #ShadowBank admits £30bn shortfall after ‘management ran wild’ | Chinese economy | The Guardian
https://www.theguardian.com/business/2023/nov/23/chinese-shadow-bank-zhongzhi-30bn-shortfall-china-property-market

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Chinese shadow bank admits £30bn shortfall after ‘management ran wild’

Zhongzhi, a wealth manager with links to China’s ailing property market, says it is ‘severely insolvent’

The Guardian
Nov 24, 2023 at 4:38amWeb
Show threadNorobiik @[email protected]Dec 1, 2023

#Beijing-based #Zhongzhi controls nearly a dozen asset and wealth management firms. It is considered part of #China’s $3 trillion #ShadowBanking industry, a sector that forms an important source of finance in the country.Last week, Zhongzhi told its investors that it is “severely insolvent.”

More executives go missing in China — this time linked to troubled #ShadowBank Zhongzhi
https://edition.cnn.com/2023/12/01/business/china-executives-missing-zhongzhi-intl-hnk/index.html

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Show threadmike805Nov 24, 2023
@Norobiik Don't they shoot you for that in China?
Show threadNorobiik @[email protected]Dec 1, 2023

@mike805 Might just happen, Zhongzhi's chairwoman & vice president are suddenly missing.

https://noc.social/@Norobiik/111504488724390625

Norobiik @[email protected] (@[email protected])

Attached: 1 image #Beijing-based #Zhongzhi controls nearly a dozen asset and wealth management firms. It is considered part of #China’s $3 trillion #ShadowBanking industry, a sector that forms an important source of finance in the country.Last week, Zhongzhi told its investors that it is “severely insolvent.” More executives go missing in China — this time linked to troubled #ShadowBank Zhongzhi https://edition.cnn.com/2023/12/01/business/china-executives-missing-zhongzhi-intl-hnk/index.html

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