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    Home » China launches probe into Zhongzhi Enterprise Group
    Business

    China launches probe into Zhongzhi Enterprise Group

    According to reports, Beijing police have imposed “criminal compulsory measures” against several suspects.
    News DeskBy News DeskNovember 27, 2023
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    Hong Kong
    Image: Mathieu Stern @ Unsplash

    China: China has opened an investigation into one of the country’s biggest shadow banks, Zhongzhi Enterprise Group (ZEG), which has lent billions to real estate firms. The group has an asset management arm that reportedly handled more than $139 billion.

    According to reports, the authorities are investigating “suspected illegal crimes” against the firm. This comes days after reports that ZEG had declared it was insolvent.

    Last week, the firm told investors in a letter that its liabilities, amounting to $64 billion, have surpassed its assets, currently valued at approximately $38 billion.

    China's Probe into Zhongzhi Enterprise Group
    Rep.Image: Pexels

    While authorities stated that they had taken “criminal coercive measures” against “many suspects,” it is still unclear who they are and their role in the firm. The company’s founder, Mr. Xie Zhikun, died of a heart attack in 2021.

    ZEG holds a significant position in China’s shadow banking sector in terms of a network of lenders, brokers, and other credit intermediaries operating outside the traditional regulated banking framework.

    Unlike traditional banks, shadow banking operates without regulation, avoiding similar risk, liquidity, and capital constraints.

    China's Probe into Zhongzhi Enterprise Group
    Rep.Image: Pexels

    China’s shadow banking industry is valued at around $3 trillion. It often provides a financial lifeline to the country’s property sector. The property sector of China contributes a third of its economic output. This includes houses, rental, and brokering services, as well as construction materials and industries producing goods that go into apartments.

    According to the latest data, China’s economy expanded by 4.9 percent in the three months between July and September. This is slower than the previous quarter, when the economy grew by 6.3 percent.

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    The news/article published above has been sourced, compiled, and corroborated by a member of the Britain Herald News Desk Team. If you have any queries or complaints about the published material, please get in touch with us at BritainHerald@Gmail.Com

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