The ongoing property crisis in China has taken down another company. This time, it is wealth management firm Zhongzhi, which filed for bankruptcy liquidation. Zhongzhi applied for bankruptcy arguing it could not repay its debts due to insufficient assets.

China Debt Crisis: Wealth manager Zhongzhi files for bankruptcy liquidation

Beijing police are investigating suspected crimes committed by Zhongzhi Group, a leading Chinese wealth manager. This comes just days after the company told investors it is heavily insolvent with up to $64 billion in liabilities. A social media post from Beijing authorities said it is looking into "many" suspects involved with the company. It encourages investors to report their losses & help the authorities with the investigation.

Beijing police probing suspected crimes of Zhongzhi Group

Bad news continues to emerge from China's struggling economy. In what could be signs of the property sector crisis spiralling into a larger catastrophe for the economy, leading wealth manager Zhongzhi group declared itself heavily insolvent.

Leading wealth manager Zhongzhi group declares insolvency

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China Debt Crisis: Wealth manager Zhongzhi files for bankruptcy liquidation

Beijing police probing suspected crimes of Zhongzhi Group

Leading wealth manager Zhongzhi group declares insolvency