"Zhongzhi Shadow Bank Bankruptcy Shakes China's Financial Sector"
Zhongzhi Enterprise Group Co., a major player in China's shadow banking sector, has filed for bankruptcy amid the country's ongoing property crisis. The firm, which once managed over $140 billion, admitted to a significant inability to repay its debts, with liabilities ranging between 420 billion yuan to 460 billion yuan, far exceeding its assets of 200 billion yuan. The Beijing court has accepted the bankruptcy case, highlighting the financial turmoil affecting the Chinese economy.