Posted 11/23/2023, 1:50:00 PM
Chinese Firm Zhongzhi Faces £30bn Shortfall, Highlights Risks in Shadow Banking System
- Chinese financial conglomerate Zhongzhi admits to a £30bn shortfall, blames "management running wild"
- Zhongzhi has links to China's struggling property sector through its trust companies
- Zhongzhi's insolvency exposes risks in China's vast shadow banking system
- China aims to plug £356bn funding gap to support 50 major property developers
- Analysts expect regulators to intervene if Zhongzhi's woes threaten wider contagion