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Zhongzhi Enterprise Group: Chinese shadow bank files for bankruptcy
The struggling group reportedly told investors in a letter in November that its liabilities - up to $64bn (£50.6bn) - had outstripped its assets, now estimated at about $38bn. ZEG is a major player in China's shadow banking industry, a term for a system of lenders, brokers and other credit intermediaries who fall outside the realm of traditional regulated banking.
Shadow banking, which is unregulated, is not subject to the same kinds of risk, liquidity and capital restrictions as traditional banks.
China's shadow banking industry is valued at around $3tn. It often provides a financial lifeline to the country's property sector. The once-booming industry has been hit by a severe credit crunch, with some of the biggest firms now on the brink of financial collapse.
At its peak, ZEG’s asset management arm reportedly handled more than a trillion yuan ($139bn; £110bn).
https://www.bbc.com/news/business-67890633
Meanhwile
Xi used Mao to threat a new Cultural Revolution if the second generation of princelings continues to oppose him.
On December 26, 2023, the 130th anniversary of Mao Zedong's birthday, Xi Jinping delivered a speech praising Mao and allowed Mao leftists to hold a so-called commemorative rally in Shaoshan, Hunan, Mao's hometown. His purpose was actually to warn those second-generation Reds who opposed him, to use Mao to threaten them, and to remind them of the pressure and persecution they had suffered during the Cultural Revolution.
On January 3, Yuan Hongbing published a commentary on “How the CCP’s Severe Political Crisis Affects the Situation in Taiwan” on the front page of the Taiwanese media “Liberty Times”. He stated in the article that people of conscience within the CCP system revealed to him that Xi Jinping is facing the most severe political crisis since he took office. The second-generation red group, with Liu Yuan , the son of former Chinese Communist Party president Liu Shaoqi, as its core, has formed a political consensus. They are planning to overthrow Xi Jinping and establish a new political party.
The second generation of Reds who formed the above consensus include Liu Yuan, Deng Xiaoping's son Deng Pufang, Hu Yaobang's son Hu Deping, Chen Yun’s son Chen Yuan, Ma Wenrui’s daughter Ma Xiaoli, and Luo Ruiqing’s daughter Luo Diandian. In addition, the children of veterans of the CCP military, including Ye Jianying, He Long, Nie Rongzhen, Xu Xiangqian, Su Yu, Xu Haidong, and Wang Zhen, are also co-signers of the consensus. In addition, the children of CCP veteran Bo Yibo also participated in the petition, except for Bo Xilai who was unable to sign because he was still in detention.
In addition, a group of military generals who are considered confidants by Xi Jinping also participated in the petition. Xi Jinping’s purges of the Rocket Force and former Defense Minister Ri Sang-bok are proof of this.
https://www.epochtimes.com/gb/24/1/6/n14152241.htm
It is a very diverse group from the extreme left with Bo Xilai to more moderate and sensible people. If they have written a joint work, a lot has happened.
We are living in interesting times...