The parent group of troubled Chinese wealth manager Zhongrong International Trust reportedly hired KPMG to review its balance sheet.
Zhongzhi Enterprise Group hired KPMG in late July to conduct an audit of its balance sheet, according to a «Bloomberg» report citing unnamed sources. Meanwhile, Zhongzhi is also planning to restructure debt and sell assets after the review to repay investors.
Zhongrong International Trust, partly owned by Zhongzhi, has reportedly defaulted on at least 30 wealth management products which recently led to a protest outside of it office in Beijing. Meanwhile, Chinese authorities have also formed a task force to study contagion risk.
