The fiscal crisis plaguing China’s largest private asset management corporation, Zhongzhi Enterprise Group (ZEG), has reverberated through multiple industries in China. Often dubbed China’s “Blackstone,” ZEG managed assets exceeding approximately $516.7 billion. But when it was learned in August that it was facing a liquidity crisis, panic in the market followed. Concerns arose that ZEG’s crisis could be as dire or worse as the Evergrande or Country Garden crises, posing a substantial financial threat to China. ZEG’s core investment management platform, Zhongrong International Trust, and its subsidiaries, namely Hengtian Wealth, Datang Wealth, Xinhu Wealth, and Gaosheng Wealth, all experienced significant defaults....Read more https://www.theepochtimes.com/china/chinas-financial-giant-zhongzhi-teeters-on-brink-of-collapse-5521922