Beijing — Chinese wealth manager Zhongzhi Enterprise Group has filed for bankruptcy liquidation after failing to repay debt, as the firm grapples with a deepening property market downturn.
Zhongzhi applied for bankruptcy on the grounds it could not pay its due debts and its assets were insufficient to pay all its debts, a court in China’s capital Beijing said in a statement on Friday.
In terms of depth, breath, technology prowess, response, ability to solve problems, china national champions byd , Huawei puts america competition to shame.
"Chinese shadow bank Zhongzhi files for bankrupcty" Why does this surprise you so much? Didn't the collapse of Silico Valley Bank, Signature Bank and First Republic Bank last year catch your attention? During the world financial crisis of 2007/08, Citibank's share price plummeted by over 95% in just a few days. Without US government rescue, Citibank would have long gone bust.
Beijing — Chinese wealth manager Zhongzhi Enterprise Group has filed for bankruptcy liquidation after failing to repay debt, as the firm grapples with a deepening property market downturn.
Silico Valley Bank, Signature Bank and First Republic Bank were saved by big banks most important depositors able to get back their money. Not like Zhongzhi's investors lost their pants.
The court said it accepted Zhongzhi’s bankruptcy liquidation application in accordance with China’s enterprise bankruptcy law.
The worsening woes at Zhongzhi, a major player in China’s $3 trillion shadow banking sector — roughly the size of the French economy — add to worries that the country’s property debt crisis is spilling over into the broader financial sector.
"Silico Valley Bank, Signature Bank and First Republic Bank were saved by big banks most important depositors able to get back their money. Not like Zhongzhi's investors lost their pants." Total losses by the Chinese hardly amounted to 1% of losses suffered by the Americans during the subprime mortgage crisis of 2007/08.
Total losses by the Chinese hardly amounted to 1% of losses suffered by the Americans during the subprime mortgage crisis of 2007/08. ==========
foreign critics have no understanding of the size of China economy or just pretend not to know.
geo political tensions between USA ( and maybe G7 too) and China is expected to last for 10 years but by the end of it, China will be so far ahead of US , its scary.
in another few years, China will have 70000 km of high speed rail from 40,000 currently. And technology in China will be so advanced , it will be scary. no compare.
just think of EV, autonomous driving, 5G , 6G, AI, robotics, manufacturing prowess, green technology, transportation and logistics of the future and applications in health, education, services, agriculture, manufacturing. infrastructure
the world will be split into two.....those benefiting from China technology namely Global south and BRICS and those close to USA and declining.
G7 world will be more protectionist, there is no getting around it. And the world will be split into 2 as the G7 world will find in impossible to compete with China and China moves up the value chain . Of course G7 countries prefers China to remain poor and just manufacture toys and shoes for them....but as China moves up the value chain, the G7 countries eat what?
Official statistics shows China Gdp at only 18 trillion USD. But comparing prices of goods and services in China Vs USA, the Gdp of China Vs USA is at least double or treble that....not forgetting USA Gdp is inflated by wars and weapons and printing of money
The company, which has sizable exposure to China’s real estate sector, apologized to its investors in a letter in November that said it was heavily insolvent with up to $64 billion in liabilities.
Police in Beijing, where the firm is based, later launched an investigation into suspected crimes committed by Zhongzhi and said it was looking into “many” suspects involved with the company.
"World human history lost in a single private company. Changes not seen for hundreds of years, only made in CCP worse than 3rd world countries. Lol." Did you know Citibank shares plummeted by over 95% during the 2007/08 subprime crisis in just a few days. I thought this could only happen in the stock markets of third world countries. And mind you, there were lots and lots of counters which lost over 90% of their market capitalization within days during that period.
China’s highly indebted property sector has been reeling from a liquidity crunch since 2020. Defaults by developers since late 2021 have impeded economic growth and rattled global markets。
Shadow banking-linked wealth managers in China typically operate outside many of the rules governing commercial banks and mainly channel the proceeds of wealth products sold to retail investors to real estate developers and other sectors.
Signs of Zhongzhi’s problems emerged in July when Zhongrong International Trust Co, a leading trust company controlled by Zhongzhi, missed payments on dozens of investment products.
In August, Zhongzhi told investors it faced a liquidity crisis and would conduct a debt restructuring. The management said the plan is for “self-rescue” through restructuring, with a focus on debt collection and asset liquidation, but bankruptcy is also an option.
CCP supporters were very angry and frustrated. Those who invested against the real situation would lost their pants. Lol.
The latest development would help the group to speed up asset liquidation, said Ying Yue, a lawyer at Leaqual Law Firm.
Yet the court process is expected to be slow, and investors will likely incur hefty discount in the repayment plan and may only be able to recover 30% of their money, based on precedent cases, said Ying.
"recover 30% of their money". 70% of their money went to CCP's red army 2nd and 3rd generations for their girl friends and migration to US, left their supporters continue to hate westerns and US. Lol
Most Asian stocks retreated on Wednesday as investors remained on edge over U.S. inflation and early interest rate cuts, while Japan’s Nikkei 225 jumped to a 34-year high amid growing expectations of a delay in the Bank of Japan’s plans to tighten policy.
which i.diot keep on telling Japan is collapsing. Lol
In 1998, people fear mainland Chinese swim over the channel. This Christmas, record number of HK people visit Shenzhen to see the China miracle for themselves
China's total labour force is less than 800 million. How could China be facing 280 million jobless? Check the facts first before foolishly reposting. Each year over 100,000 Americans die of drug overdose. Please look after yourself.
Stock market is important but stock market is not every thing. China with Confucian values will shine as all Confucian countries will shine. Hard work, thrift, humility, learning, harmonious. , moral values and rule by morals. These will shine
Nikkei 225 extends rally, at 34-year high Japan’s Nikkei 225 remained an outperformer among its Asian peers, rising 2% on Thursday to a fresh 34-year high above 35,000 points. The index was boosted by broad-based gain
Japanese stocks surge past 34-year highs, set for stellar week Japan’s Nikkei 225 was the best performer in Asia this week, rising 1.2% on Friday to a new 34-year high at nearly 35,500 points. With strong and solid economy support.
China REITs plumb record lows as economic gloom lingers
SHANGHAI/SINGAPORE: China's real estate investment products are tumbling, extending last year's slump as investors lose hope for a recovery in the economy and property assets such as industrial parks and logistics hubs.
Chinese real estate investment trusts (REITs), which issue shares to investors against a portfolio of real estate holdings, have hit successive lows in the first few days of 2024.
After tumbling 28 per cent in 2023, the CSI REITs Index has dropped another 6.4 per cent this year through a rare, seven-day losing streak driven by one REITs manager's disclosure of cuts in warehouse rental prices and broader fears of falling yields.
The selloff reflects tumbling confidence in an economy where a deepening property crisis, weakening consumption and sputtering business activities have sapped demand for office buildings, warehouses and shopping malls.
It also complicates Beijing's efforts to lure investors into a nascent REIT market designed to channel badly needed cash to indebted local governments and property developers.
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