Getty ImagesA major Chinese shadow bank has filed for bankruptcy on the grounds it was unable to pay its debts.
On Friday, a Beijing court accepted the application from Zhongzhi Enterprise Group (ZEG), which has lent billions to real estate firms.
Chinese officials launched an investigation into “suspected illegal crimes” against the firm in November.
It followed reports that ZEG had declared it was insolvent.
The struggling group reportedly told investors in a letter in November that its liabilities – up to $64bn (£50.6bn) – had outstripped its assets, now estimated at about $38bn.
On Friday, a Beijing court published a statement on the social media network WeChat saying…
