Business & Markets

Turmoil in China’s Real Estate Sector Recalls 2008 Global Meltdown, Expert Says

Bankruptcy of shadow bank Zhongzhi typifies the fate of overleveraged conglomerates struggling in a chaotic market.
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Turmoil in China’s Real Estate Sector Recalls 2008 Global Meltdown, Expert Says
A police officer talks with a man near police vehicles parked outside the headquarters of the Zhongzhi Enterprise Group Co. in Beijing on Jan. 8, 2024. Andy Wong/AP Photo
Michael Washburn
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News Analysis

Zhongzhi Enterprise Group Co., long one of China’s most prominent non-state-run or “shadow” banks, is the latest casualty of a market where reliable reporting of financial data is hard to come by.

Michael Washburn
Michael Washburn
Reporter
Michael Washburn is a New York-based reporter who covers U.S. and China-related topics for The Epoch Times. He has a background in legal and financial journalism, and also writes about arts and culture. Additionally, he is the host of the weekly podcast Reading the Globe. His books include “The Uprooted and Other Stories,” “When We're Grownups,” and “Stranger, Stranger.”
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