Skip to main content

Major Chinese shadow bank files for bankruptcy

Zhongzhi Enterprise Group’s $36.5 billion shortfall raises fears of contagion from property downturn

china-currency

A major Chinese shadow bank has filed for bankruptcy, adding to worries the country’s property crisis is spreading to the broader financial sectors. 

Beijing’s First Intermediate People’s Court said on social media on January 5 that it has accepted the application from Zhongzhi Enterprise Group (ZEG). It said the trust company clearly lacks the ability to repay debt and it had insufficient assets to pay off its dues.

China’s trust industry is a key funding source for borrowers unable to get bank

Solo los usuarios que tengan una suscripción de pago o formen parte de una suscripción corporativa pueden imprimir o copiar contenido.

Para acceder a estas opciones, junto con todas las demás ventajas de la suscripción, póngase en contacto con info@centralbanking.com o consulte nuestras opciones de suscripción aquí: subscriptions.centralbanking.com/subscribe

Actualmente no puede copiar este contenido. Póngase en contacto con info@centralbanking.com para obtener más información.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Regístrese en Central Banking

Todos los campos son obligatorios, salvo que se indique lo contrario.

Mostrar contraseña
Ocultar contraseña

Most read articles loading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Iniciar sesión
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account

.