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Zhongzhi is the latest victim of China's worsening debt and property crisis

Zhongzhi is the latest victim of China's worsening debt and property crisis

HANGZHOU, CHINA – NOVEMBER 15, 2023 – An aerial photo shows a new property under construction in Hangzhou, Zhejiang Province, China, November 15, 2023.

kvoto | Future Publishing | Getty Images

Zhongzhi Enterprise Group filed for bankruptcy liquidation late Friday, as the Chinese shadow banking group is unable to pay its debts amid a deepening real estate crisis in the country.

The company has filed for bankruptcy on the grounds that “it is clear…He lacks the ability to repay debts, and does not have sufficient assets to pay his dues, according to what he stated WeChat statement Issued by the First Intermediate People's Court of Beijing.