China’s Largest Private Asset Management Company Collapses!

• China shadow banking giant alarms investors with missed payments
  by https://www.straitstimes.com/
  SHANGHAI – One of China’s largest private wealth managers is triggering fresh anxiety about the health of the country’s shadow banking industry after missing payments on multiple high-yield products.
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  Three firms said late last Friday that they failed to receive payments on products issued by companies linked to Zhongzhi Enterprise Group, which has about one trillion yuan (S$187 billion) in assets under management. One of the linked companies, Zhongrong International Trust, bought stakes in real estate projects in 2022, betting on a market rebound that has so far failed to materialise.
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