Zhongzhi Enterprise Group on Thursday told investors it is facing a liquidity crisis and will conduct a debt restructuring, according to video footage of a meeting, as the Chinese asset manager grapples with a deepening property market downturn.
Beijing-based Zhongzhi has hired one of the Big Four accounting firms to conduct a comprehensive audit of the firm, and is seeking strategic investors, Zhongzhi management told investors in a meeting on Thursday, the video seen by Reuters showed.
Zhongzhi, with sprawling businesses ranging from mining to wealth management, is the latest major Chinese conglomerate to get into trouble, after the collapse of others including Anbang Insurance Group and HNA Group. Zhongzhi is facing a "liquidity crisis" and has stopped payment to investors in its products, its management team told investors in the meeting, according to the video.
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