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Zhongzhi Enterprise Group
Zhongzhi Enterprise Group (Chinese: 中融鼎新, hereafter Zhongzhi) is a Chinese business conglomerate.[3] It has been described as a shadow bank in the Chinese financial system.[3][4][2] The company is heavily linked to the Chinese real estate sector, which since 2020 has been experiencing difficulties.[2] At its peak, the company controlled $141 billion of assets.[5] On 5 January 2024, the company declared itself bankrupt.[3] The company was founded in 1995 by Xie Zhikun, who died in December 2021.[2][1][6] The founder's death, and subsequent departure of senior executives, was blamed by the company for its struggles in November 2023.[5] CollapseIn November 2023, the company noted to investors that it was "heavily insolvent with up to $64 billion in liabilities",[3] or a shortfall of $36.4 billion.[5] It was noted after the fact, that problems had been around since August 2023 when a subsidiary had missed payments.[5] Soon after this, the Chinese authorities started investigations against the company.[5] On 5 January 2024, Zhongzhi declared bankruptcy at the Beijing First Intermediate People’s Court after it could not repay its outstanding debts.[3][1][7][5] Controlled businessesAs of January 2024[update], unless otherwise cited, information from Zhongzhi Enterprise Group.[8]
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