https://twitter.com/region776/status/1727711315509321828
Happy Thanksgiving to all.
https://twitter.com/region776/status/1727711315509321828
Happy Thanksgiving to all.
Peak China.
$36 billion short...
“Embattled shadow banking giant Zhongzhi Enterprise Group Co. has revealed the depth of its financial difficulties, telling investors it is “severely insolvent” with a shortfall of $36.4 billion.
The privately owned wealth manager said liquidity has dried up and the recoverable amount from asset disposals is expected to be low, according to a letter sent to investors on Wednesday seen by Bloomberg News.
Zhongzhi first triggered concern in August after one of its trust-company affiliates failed to make payments to customers on high-yield investment products. The group’s financial difficulties add to President Xi Jinping’s challenges as officials grapple with a property crisis and a weak economy.”