China debt crunchChina wealth manager Zhongzhi faces $37bn asset shortfall
Group admits it is severely insolvent amid economic headwinds
Zhongzhi Enterprise Group holds stakes in several key Chinese financial institutions, including Zhongrong International Trust. © Reuters
NORIYUKI DOI, Nikkei staff writer
November 24, 2023 00:42 JST
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.