#Chinainsights#Chinanews China's shadow banking giant Zhongzhi Group has filed for bankruptcy. According to a civil ruling on January 5, 2024, by a Beijing Court, the debtor, Zhongzhi Group, filed for bankruptcy and liquidation because it was unable to pay its debts as they matured, that it had insufficient assets to pay all of its debts and that it was clearly insolvent. According to the civil judgment, the liquidity of Zhongzhi is seriously lacking, with only 1.81 million yuan, or about 255,000 U.S. dollars, left in cash. The giant company, known as "China's Club for the Rich," collapsed at an alarming speed after China’s real estate sector was plunged into a devastating crisis.
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