Chinese Real Estate Giant Bankruptcy Signals Economic Troubles
• Chinese real estate giant Zhongzhi Enterprise Group has filed for bankruptcy, highlighting ongoing economic crisis in China • Real estate normally accounts for one-third of China's GDP, but sector is declining now • Downturn in real estate industry has global impact, with China’s stocks down 60% from post-COVID peak • All eyes on Chinese government policy response to try to stimulate economy and stabilize growth • As world’s second largest economy, recession in China could trigger global recession