Jan 5, 2024
Zhongzhi Enterprise Group: Chinese shadow bank files for bankruptcy
A major Chinese shadow bank has filed for bankruptcy on the grounds it was unable to pay its debts. Chinese officials launched an investigation into "Suspected illegal crimes" against the bank in November. ZEG is a major player in China's shadow banking industry, a term for a system of lenders, brokers and other credit intermediaries who fall outside the realm of traditional regulated banking. Shadow banking, which is unregulated, is not subject to the same kinds of risk, liquidity and capital restrictions as traditional banks. Embattled property developers currently owe Chinese banks money worth as much as 30% of the banks' assets.
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