Posted by IDQWE001 > 2023-11-23 10:30 | Report Abuse

“Preliminary due diligence shows the group has endured a significant risk of sustainable business operation and the company doesn’t have sufficient assets to cover debt in the short term,” the firm said in the letter sent to investors. Previous efforts at a “self-rescue” failed to live up to expectations, according to the letter.

Zhongzhi, one of the country’s largest private wealth managers, is the latest financial giant to run into trouble amid a housing crisis and sluggish growth in the world’s second-largest economy. The manager of more than 1 trillion yuan in assets was thrust into the spotlight in August after one of its trust-company affiliates failed to make payments to customers on high-yield investment products.

Posted by IDQWE001 > 2023-11-23 10:35 | Report Abuse

Zhongzhi Group Admits Having Debt of Over RMB420B, Seriously Insolvent

According to domestic media reports, Zhongzhi Group released an open letter to investors that its related products have been in material breach of contract one after another, and apologised to investors.

RMB 420B Changes not seen for hundreds of years - bad debts in human history by CCP. Worse than 3rd world country.

Posted by i3lurker > 2023-11-23 13:37 | Report Abuse

Most of these Trust companies booked hundreds to thousands of blocks of condominiums thinking 50% to 100% profits on flipping over.
These blocks now being 80% to 100% completed are worth zero now due to
1) could be hundreds of years before the balance could be completed.
2) 100% completed ones are inside ghost towns nobody wants to buy. Valuation = RMB0.00

Posted by qqq47660 > 2023-11-23 14:47 | Report Abuse

wealth management companies that lose client moneys?

plenty in Malaysia too.

Posted by qqq47660 > 2023-11-23 14:57 | Report Abuse

ever since Deng reforms, there is the constant debate how much free market how much regulations.

its the ebb and flows.

but I agree with Xi major reforms such as ..... stopping the listing of Ant Financial, more regulations over fintechs, better compensation for delivery workers and drivers, regulations over tuition centers etc

Posted by qqq47660 > 2023-11-23 15:02 | Report Abuse

regulations over wealth management companies.

this is up to them to figure this out.

Posted by qqq47660 > 2023-11-23 15:11 | Report Abuse

wealth management services has huge potential for growth in China. U don't want to over regulate it, neither do u want to under regulate it.

Posted by foongsh > 2023-11-23 15:37 | Report Abuse

Posted by IDQWE001 > 5 hours ago | Report Abuse

Zhongzhi Group Admits Having Debt of Over RMB420B, Seriously Insolvent

According to domestic media reports, Zhongzhi Group released an open letter to investors that its related products have been in material breach of contract one after another, and apologised to investors.

RMB 420B Changes not seen for hundreds of years - bad debts in human history by CCP. Worse than 3rd world country.

Real Estate bubble crisis already happened years ago, property wealth management funds still able to raise funds only happened in CCP.

Posted by foongsh > 2023-11-23 15:39 | Report Abuse

other wealth management funds will not lose RMB420B unless 3rd world country financial crisis.

Posted by qqq47660 > 2023-11-23 15:46 | Report Abuse

lose 420 billion..........? where got companies so large? u think Apple meh?

Posted by qqq47660 > 2023-11-23 15:48 | Report Abuse

taiwanese like lie and no shame.

Posted by IDQWE001 > 2023-11-23 15:56 | Report Abuse

If CCP want to cheat, the evil will cheat big. Amid property crisis still allow CCP's companies to raise funds.

Posted by IDQWE001 > 2023-11-23 15:58 | Report Abuse

According to Zhongzhi, the intermediaries have conducted a comprehensive liquidation of the group's assets and found that the carrying amount of the group's total assets is approximately RMB200 billion based on the intermediaries' simulated consolidation.

At the same time, due to the huge scale of debts, the principal and interest of the relevant liabilities after excluding the guarantee deposits would be approximately RMB420 billion to RMB460 billion. Zhongzhi said it is seriously insolvent and has significant going concern risks, and the resources available for debt repayment in the short term are far below the overall debt size.

Posted by IDQWE001 > 2023-11-23 15:59 | Report Abuse

debts RMB420 billion VS total assets RMB200 billion. double.

Posted by qqq47660 > 2023-11-23 15:59 | Report Abuse

if u are good enough u can apply for a wealth management license in China.

Xi has allowed foreigners to apply for the license.

Posted by qqq47660 > 2023-11-23 16:00 | Report Abuse

lose 420 billion..........? where got companies so large? u think Black rock meh?
taiwanese like lie and no shame.

Posted by IDQWE001 > 2023-11-23 16:03 | Report Abuse

Evergrande’s chairman, Hui Ka Yan, already kena ISA just like both eliminated ex-ministers. CCP ISA worse than 3rd world countries. No wonder those retired 2 & 3rd generation red guard army migrated to the westerns and not Russia or North Korea.

Posted by i3lurker > 2023-11-23 20:16 | Report Abuse

You still dun understand?
Depositors pay 10 as a Trust investment.
This 10 is used as initial S&P deposit to buy Real estate aka condo worth 100
balance 90 is borrowed...

so when condo fails,
100 is completely lost
and 90 is owing to banks.
and 10 is unable to pay back to Trust investors

its RMB420 Billion/10===> Gearing 10 X

Posted by i3lurker > 2023-11-23 20:28 | Report Abuse

RMB420 Billion is too big?

Do you know that Pavilion Bukit Jalil is considered a very small shopping complex in China?

Do you know something the size of Suria KLCC is considered pasar malam standard in China?

Posted by qqq47660 > 2023-11-23 22:41 | Report Abuse

China wealth manager Zhongzhi flags insolvency, $64 billion in liabilities
https://finance.yahoo.com/news/china-wealth-manager-zhongzhi-flags-024319489.html

Posted by qqq47660 > 2023-11-23 22:47 | Report Abuse

what ever la........... The authorities will not bail out the investors.

this is the best chance to teach everybody a lesson.

Posted by qqq47660 > 2023-11-23 22:49 | Report Abuse

the key word for policy makers will be sustainable developments.

Posted by IDQWE001 > 2023-11-23 23:02 | Report Abuse

CCP sucking the blood of investors. CCP behind Zhongzhi. Without CCP no organisation could use the wording "zhong" as company name.

Posted by qqq47660 > 2023-11-24 03:06 | Report Abuse

If the CPC don't know how to govern the country can be so successful meh?

Taiwanese dpp propaganda too much

Posted by IDQWE001 > 2023-11-24 08:38 | Report Abuse

中國「雷曼時刻」逼近　中植系爆雷上兆債權停兌

https://youtu.be/tvWv8tahe5w?si=LwU-_9tR4Gx3Tvhp

CCP Successful ? go telling all these pity investors

Posted by qqq47660 > 2023-11-24 09:49 | Report Abuse

hedge funds and finance / stock market is the only area america still have an edge.

any thing related to government of the people by the people for the people, China has advantage. any thing related to unity, satisfaction, patriotism, governing philosophy, definition of good governing China has advantage.

Posted by qqq47660 > 2023-11-24 09:53 | Report Abuse

american cities are looking like dump sites, China cities far more livable, cleaner, safer, convenient.

Posted by foongsh > 2023-11-24 10:05 | Report Abuse

Posted by IDQWE001 > 1 hour ago | Report Abuse

中國「雷曼時刻」逼近　中植系爆雷上兆債權停兌

https://youtu.be/tvWv8tahe5w?si=LwU-_9tR4Gx3Tvhp

CCP Successful ? go telling all these pity investors

Local Chinese got angry now, they aware CCP sucking their blood.

Posted by IDQWE001 > 2023-11-24 10:09 | Report Abuse

1. Kong Dongmei, granddaughter of Mao Zedong
2. Deng Zhifanf, son of Deng Xiaoping
3. Deng Zhuodi, grandson of Deng Xiaoping
4. Zhuo Yue, granddaughter of Deng Xiaoping
5. Jiang Mianheng, eldest son of Jiang Zemin
6. Jiang Zhicheng, grandson of Jiang Zemin
7. Hu Haiqing, daugter of Hu Jintao
8. Xi Mingze, daugter of Xi Jinping
9. Yang Jiechi, senior member of CCP entire family
10. too many just ignore the rest

From the crisis of Zhongzhi and Evergrande could explain the above CCP 2nd & 3rd generation red guard army so rich and migrated to America.

Posted by qqq47660 > 2023-11-24 10:54 | Report Abuse

American advantage for the 1% not for the 90% .....and getting worse for America

Posted by foongsh > 2023-11-24 11:42 | Report Abuse

Posted by IDQWE001 > 1 hour ago | Report Abuse

1. Kong Dongmei, granddaughter of Mao Zedong
2. Deng Zhifanf, son of Deng Xiaoping
3. Deng Zhuodi, grandson of Deng Xiaoping
4. Zhuo Yue, granddaughter of Deng Xiaoping
5. Jiang Mianheng, eldest son of Jiang Zemin
6. Jiang Zhicheng, grandson of Jiang Zemin
7. Hu Haiqing, daugter of Hu Jintao
8. Xi Mingze, daugter of Xi Jinping
9. Yang Jiechi, senior member of CCP entire family
10. too many just ignore the rest

From the crisis of Zhongzhi and Evergrande could explain the above CCP 2nd & 3rd generation red guard army so rich and migrated to America.

CCP sucking the blood of local Chinese and made America great again. Lol.

Posted by qqq47660 > 2023-11-24 12:13 | Report Abuse

DPP Taiwan still western dogs.

Posted by IDQWE001 > 2023-11-24 13:44 | Report Abuse

CCP dogs of America, sucking the blood of local Chinese and made America great again

Posted by qqq47660 > 2023-11-24 13:47 | Report Abuse

u want peace in the world, improve yourself. Don't try to change or talk bad of China.

Posted by IDQWE001 > 2023-11-24 13:48 | Report Abuse

CCP also dog of evil Putin surrender thousands of years ancient Chinese Far East Land to Russia.

Posted by angrycat > 2023-11-24 13:49 | Report Abuse

US sanctions on Chinese tech have backfired — leading to accelerated progress by China’s domestic chipmakers (SMIC) and a revival of Huawei. China bashing’s strategic miscalculations have resulted in precisely the opposite of what Washington sought!

Posted by IDQWE001 > 2023-11-24 13:55 | Report Abuse

Posted by foongsh > 2 hours ago | Report Abuse

Posted by IDQWE001 > 1 hour ago | Report Abuse

1. Kong Dongmei, granddaughter of Mao Zedong
2. Deng Zhifanf, son of Deng Xiaoping
3. Deng Zhuodi, grandson of Deng Xiaoping
4. Zhuo Yue, granddaughter of Deng Xiaoping
5. Jiang Mianheng, eldest son of Jiang Zemin
6. Jiang Zhicheng, grandson of Jiang Zemin
7. Hu Haiqing, daugter of Hu Jintao
8. Xi Mingze, daugter of Xi Jinping
9. Yang Jiechi, senior member of CCP entire family
10. too many just ignore the rest

From the crisis of Zhongzhi and Evergrande could explain the above CCP 2nd & 3rd generation red guard army so rich and migrated to America.

CCP sucking the blood of local Chinese and made America great again. Lol.

Biden praised CCP and thanks for the contribution because those 2nd & 3rd red guard army were the great contributors to America.

Posted by IDQWE001 > 2023-11-24 14:15 | Report Abuse

US Chip Ban Fallout Spreads as Alibaba Scraps Cloud Spinoff
- Tencent also sees impact on cloud operations from US AI curbs
- Washington’s new rules affecting China’s private enterprise

SMIC could not even manufacture advance computer game chips.

Posted by qqq47660 > 2023-11-24 14:37 | Report Abuse

China will be ok. What don't kill China will make China stronger

Posted by qqq47660 > 2023-11-24 14:40 | Report Abuse

China will find a solution to its current problems. China always do.

Posted by IDQWE001 > 2023-11-24 14:41 | Report Abuse

Asian shares were dragged lower by losses in China on Friday and in the absence of guidance from Wall Street, which was closed for the Thanksgiving holiday, while the dollar stayed on the back foot and Treasury yields climbed a touch.

qqq did not give guidance to CCP stocks ? why still wait for Wall Street.

Posted by IDQWE001 > 2023-11-24 14:44 | Report Abuse

HSI : 17610

Taiwan Weighted: 17310

Very soon will take over. CCP tak boleh bagai.

Posted by MattSon > 2023-11-24 15:31 | Report Abuse

wah insolvent, CCP dont want to save ah?

Posted by TopKey > 2023-11-24 15:59 | Report Abuse

CCP only save their own pocket

Posted by qqq47660 > 2023-11-24 16:34 | Report Abuse

Top...
Very dangerous to be corrupt in China. Can get head chop off very fast.

Posted by qqq47660 > 2023-11-24 16:35 | Report Abuse

Xi jinping tell the youth....if u want to get rich don't join CPC

Posted by qqq47660 > 2023-11-24 16:36 | Report Abuse

It's incredible how China can change so much in just 10 years.

Posted by IDQWE001 > 2023-11-24 16:51 | Report Abuse

Changes not seen for hundred years - entire real estate market bubble burst.

Changes not seen for hundred years - more and more developer founders go to jail.

Changes not seen for hundred years - homebuyers no home to stay with bad debts.

Changes not seen for hundred years - banking system loan to developers became non performance loan

Changes not seen for hundred years - ministers gone missing kena ISA worse than 3rd world coutries

Changes not seen for hundred years - Wealth management funds bad debts in human history record

Changes not seen for hundred years - CCP 2nd and 3rd generation red guard army made America great again.

Yes, many changes not seen for hundred years.

Posted by IDQWE001 > 2023-11-24 16:58 | Report Abuse

Dictator Xi's daugter got very rich when she was very young. Enjoy her US dollar in America.

Dictator Xi's sister and brother in Law very rich too. Both of them enjoy Canadian dollar in Canada.

Posted by qqq47660 > 2023-11-24 17:14 | Report Abuse

Very risky to be corrupt in China. Can get head chop off any time.

So many rich people, so many ceo, so many high ranking CPC officials arrested for corruption. Don't play play. Not worth it.