🇨🇳 A major #Chinese shadow bank has filed for #bankruptcy on the grounds it was unable to pay its debts

On Friday, a #Beijing, #China court accepted the application from #Zhongzhi Enterprise Group (#ZEG), which has lent billions to real estate firms

#Chinese officials launched an investigation into "suspected illegal crimes" against the firm in November

It followed reports that #ZEG had declared it was insolvent

https://www.bbc.co.uk/news/business-67890633 #Finance #News