SHANGHAI -- Chinese wealth manager Zhongzhi Enterprise Group has told investors that it is severely insolvent with a financial shortfall of up to 260 billion yuan ($36.7 billion), as an economic slowdown and property slump cast shadows over the country's financial sector.
In a letter issued this week to investors that was leaked on the Weibo social platform, Zhongzhi placed its liabilities at 420 billion yuan to 460 billion yuan against assets of 200 billion yuan.
