A Chinese shadow bank is the latest casualty of the country’s real estate crisis, declaring bankruptcy with up to $65 billion in debt

A Chinese shadow bank is the latest casualty of the country’s real estate crisis, declaring bankruptcy with up to $65 billion in debt

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Zhongzhi Enterprise Group, a Chinese shadow bank with deep ties to the country's property sector, filed for bankruptcy Friday. The group no longer has the means to pay off its debts, according to a statement from Beijing's First Intermediate People's Court, which accepted the shadow bank's…

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