Chinese Wealth Manager Zhongzhi Declares Insolvency with Estimated $64 Billion in Debt
• Zhongzhi Enterprise Group, a major Chinese wealth manager, declared insolvency with up to $64B in liabilities • The firm has significant exposure to China's struggling real estate sector • Zhongzhi's total liabilities are estimated at $58B-$64B, dwarfing its $200B in assets • The firm apologized to investors, admitting it faces "serious insolvency" and difficulties repaying debts • Analysts expect regulators to intervene to contain wider fallout, but investors face minimal chance of full repayment