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.
China property investment slid nearly 8% in the first half of the year, official data showed Monday, pointing to a deepening decline in investment for a sector that accounts for about a quarter of the world's second-largest economy.Zhongzhi Enterprise Group on Wednesday 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.
The meeting was held after Zhongrong International Trust Co, a leading trust company controlled by Zhongzhi,Zhongzhi did not immediately respond to a request for comment. The liquidity stress facing Zhongzhi, which has sizable exposure to real estate, highlights the rippling effect of China's property debt woes.
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