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Lawyers say any FSOC attempt to designate systemic non-banks risks a repeat of MetLife case

Property is one of the biggest risks facing the economy with the country’s largest private developer Country Garden adding to the sector’s woes.

(Bloomberg) -- The Chinese shadow banking giant whose liquidity crisis has fanned fears about financial contagion is planning to restructure its debt and has hired KPMG LLP to conduct an audit of its balance sheet, people familiar with the matter said.Most Read from BloombergFed Saw ‘Significant’ Inflation Risk That May Merit More HikesGoldman CEO’s Most Loyal Deputy Is Tested by Mutinous PartnersChina Shadow Bank Misses Dozens of Payments as Risks GrowHigh-Potency Pot Market Worth Billions Draw

A liquidity crisis at one of China's top asset managers Zhongzhi Enterprise Group has fuelled worries that the country's deepening property sector crisis is spilling over into its $57 trillion financial industry, even as the economy is weakening. The group will conduct a debt restructuring, investors sources told Reuters after being briefed by management, a video seen by Reuters showed, after a trust firm controlled by the group missed payments on dozens of investment products. Zhongzhi's trouble has raised worries of a contagion risk to the financial sector if other trust fir...

The Chinese shadow banking giant whose liquidity crisis has fanned fears about financial contagion is planning to restructure its debt and has hired KPMG to conduct an audit of its balance sheet, sources said.