(Shanghai/Hong Kong Comprehensive News) China Asset Management Giants China Zhizhi Group reported that investors are facing a liquidity crisis, which has stopped payment of wealth management products, and will start debt reorganization.Financial giants.
According to Reuters, a video of a meeting shows that Chinese plant managers told investors at a meeting on Wednesday (August 16) that they have hired one of the four major accounting firms to start a comprehensive company last month.Audit and before looking for strategic investors, before completing the audit work, it is impossible to determine whether the company does not debt.
The company added that it is currently planned to be self -rescue by reorganization. The focus is on debt recovery and asset liquidation. Bankruptcy is also a choice, but they did not disclose the debt amount that needs to be reorganized.
Bloomberg quoted people familiar with the matter and said that in the case of intensified liquidity, China Zhi hired KPMG to evaluate its balance sheet.
Since the end of July, Zhongrong International Trust Co., Ltd. owned by Zhongrong International Trust has owed dozens of investment products, with an overdue amount of nearly 100 million yuan (RMB, the same below, nearly S $ 18.71 million).Anxious Chinese retail investors have asked the risk exposure of listed companies in China Rong Trust.
More than 20 people gathered this week to protest outside the office in Beijing. A video showed that a woman asked angrily: "Why don't the company pay us?"
Zhongzhi Group is a huge capital empire covering finance, investment, wealth management, new finance and other industries. The scale of total assets exceeds trillion.Trust shares.Zhongrong International Trust has more than 700 billion yuan assets and has a large number of real estate business.
China has increased its efforts to crack down on high -risk shadow banking activities in recent years, and the continuous downturn in the real estate market has caused the business of Zhongzhi Group to face the pressure of liquidity, and once again highlights the chain reaction caused by the unprecedented debt crisis of China's real estate industry.
Some industry insiders and economists even believe that China's official housing price index may underestimate the depth of the downturn in the property market, and the actual situation may be much more serious than official data. Some of the reasons are that the long -term calculation method is difficult to seize the market.Turning point.
The financial problems of Zhongzhi Group will be the latest challenge facing the Chinese government.The China Banking Supervision and Administration Commission has reportedly set up a special working group to review the risks of Chinese planting, indicating that the official is concerned that the crisis may spread.
The scale of China's shadow banking industry is as high as US $ 3 trillion (S $ 407.3333), and asset management companies such as Zhongzhi sell high -yield investment products related to shadow banking through trust and wealth management departments, and and with the shadow bankBanks and other financial companies have close contact. If a series of defaults occur, it may have a chilling effect on the Chinese economy.
Some investors said that in recent weeks, dozens of investors who purchased Chinese plant wealth management products have been purchased by Beijing, Sichuan, Jiangsu, Shandong and other places.protest.As the concerns of the spread of the financial crisis are intensified, this is the latest signs of concern to the occurrence of social turmoil in China.
