Chinese asset management giant Zhongzhi files for bankruptcy - WION

[TexasTowelie]

Chinese asset management giant Zhongzhi has filed for bankruptcy. Reports say, the firm could not pay off its debts & had to be declared insolvent. Molly Gambhir brings you a report.

[Warpy]

1. Well, remember India and China are not friends

but this is interesting, the government has been propping up Zhongzhi for at least a couple of years, hoping to confine the disaster to gigantic developers starting with Evergrande.

I have to wonder if a large part of this was the refusal of Chinese families to keep paying the mortgages on unbuilt apartments.

It will be very interesting to see how this plays out, if there is a popular movement to topple one party rule since that rule has bungled things so badly (and no, Xi inherited this, he didn't create it).