China’s Zhongzhi Enterprise Group, a leading wealth manager, told investors it is heavily insolvent with up to $64 billion in liabilities, threatening to reignite concerns that the country’s property …
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Japan’s Mizuho applies to set up securities company in China
Japan’s Mizuho Financial Group has sought to establish a securities company in China, becoming the latest foreign firm to make inroads into China’s onshore securities market with a fully-owned entity.
Troubled Chinese shadow bank Zhongzhi warns it is ‘severely insolvent’ after asset shortfall, failed bailouts
Zhongzhi Enterprise Group, one of mainland China’s largest shadow banks, has warned investors that it is unable to repay its debts, setting off alarm bells in the trust sector which invests a large …
China’s collapsed shadow bank Zhongzhi warns of $41.5 billion debt hole
Zhongzhi and its affiliates had extended loans to troubled developers and snapped up assets from firms like Evergrande. Read more at straitstimes.com.
China wealth manager Zhongzhi flags insolvency, liabilities of $64 billion
China’s Zhongzhi Enterprise Group told investors it is heavily insolvent with liabilities of up to $64 billion, more than double its assets, as one of the country’s leading wealth managers grapples …
China launches social security fund-backed $707 million investment fund in Shanghai
An investment fund backed by China’s National Social Security Fund was launched in Shanghai, with a size of 5.1 billion yuan ($707.24 million) for its first phase, the financial regulatory authority …
China’s collapsed shadow bank Zhongzhi warns of $41 billion hole
Zhongzhi and its affiliates extended loans to troubled developers and snapped up assets from firms like Evergrande. Read more at straitstimes.com.
China’s Troubled Shadow Bank Zhongzhi Warns of Insolvency
One of China’s largest shadow banks warned it’s “severely insolvent,” with a debt pile more than two times higher than assets, according to a letter seen by Bloomberg News.Most Read from …
China Parliament Pressures Banks To Step Up Property Finance
China’s banks should step up funding for property developers to reduce the risk of additional defaults and ensure completion of housing projects, members of the country’s top lawmaking body said.
Who’s on China’s new Central Financial Commission, and what will the Communist Party watchdog do?
The Central Financial Commission, a new party organ overseeing China’s vast financial holdings, convened a meeting chaired by Premier Li Qiang Other high-level officials sit on the commission and …
Exclusive: China to name finance veteran Zhu as new forex chief, sources say
China is set to appoint Zhu Hexin, a veteran banker and chief of state-run financial conglomerate CITIC Group, as the new head of its foreign exchange regulator, four people familiar with the matter …
China Fines iPhone Maker Foxconn $2,800 Amid Major Tax Probe
Chinese tax authorities handed out a 20,000 yuan ($2,800) fine to a Foxconn Technology Group subsidiary for overstating expenses while Beijing is pursuing a broader probe into the iPhone maker’s …
Outspoken Chinese economist Yu Yongding issues stagflation warning on Beijing’s fiscal policies
Known for his critical assessments of China’s economy, Yu says there is ‘very big room’ for more expansionary fiscal policies, and time is of the essence in adopting them – or bigger risks could …
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