The figures reported are only by those investors required to disclose due to being listed on the Shanghai exchange. Two of probably hundreds if not thousands of investors. Tip of the proverbial iceberg.

Zhongrong is decently sized. It’s been run though as more of less a privately owned platform meaning a greater willingness to take on risk. Clearly a lot that remains unclear.

At some point there’ll need to be some sort of restructuring. Real estate is going from one problem to another.