Beijing police investigate China's troubled shadow banking giant Zhongzhi

Beijing police have launched an investigation into Zhongzhi Enterprise Group, a prominent Chinese wealth manager, following the company's disclosure of heavy insolvency with up to $64 billion in liabilities. Zhongzhi, which has significant exposure to China's real estate and shadow banking sectors, apologized to investors and stated total liabilities of about 420 billion yuan ($58 billion) to 460 billion yuan ($64 billion) compared to estimated total assets of 200 billion yuan. The police are looking into multiple suspects associated with the company and have urged investors to report their losses to aid the ongoing investigation.