Chinese asset manager eyes restructuring to ease liquidity crunch … – Reuters

SHANGHAI/HONG KONG, Aug 17 (Reuters) – Faced with a liquidity crisis, Zhongzhi Enterprise Group will conduct a debt restructuring, the Chinese asset manager has told investors, as a deepening property sector downturn raises fears about spillover risks to the broader financial sector.

Beijing-based Zhongzhi, which has sizable exposure to real estate, has stopped payment to investors in all investment products, its management told investors in a meeting on Wednesday, a video seen by Reuters showed.

Zhongzhi’s financial trouble is the latest challenge for Chinese authorities as they battle to contain a worsening property sector crisis and revive a faltering recovery in the world’s second-largest economy.

Morgan Stanley has become the latest …

Read the full article at: https://www.reuters.com/markets/asia/chinese-asset-manager-zhongzhi-says-it-is-liquidity-crisis-meeting-video-2023-08-17/