Zhongzhi Enterprise Group, in a meeting with investors on Wednesday, announced that it is grappling with a liquidity crisis and plans to undertake a debt restructuring. The Chinese asset management firm's move comes amid a worsening property market downturn.
Chinese asset manager Zhongzhi says it is in liquidity crisis
8/17/2023
According to video footage from the meeting, Beijing-based Zhongzhi has engaged one of the 'Big Four' accounting firms to carry out an extensive audit of the company. Additionally, it is actively seeking strategic investors, as communicated by Zhongzhi management during the meeting on Wednesday.
The meeting was convened after Zhongrong International Trust Co., a prominent trust company under the control of Zhongzhi, failed to make payments on numerous investment products since the conclusion of July, as reported by sources familiar with the situation.
As of now, there has been no immediate response from Zhongzhi in relation to a request for comment
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