Entities linked to Chinese conglomerate Zhongzhi have failed to make payments, multiple investors have said, sparking concern over the country’s wealth management industry and its exposure to a troubled property market.
Beijing-based Zhongzhi, which was founded in 1995, has grown into a sprawling private enterprise with stakes in everything from financial businesses and a “unicorn incubator” to mining groups. Investments are estimated to total at least Rmb1tn ($140bn).
It also holds a “strategic stake” in Zhongrong International Trust, which last week failed to repay the proceeds of two products, according to weekend stock market disclosures.
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