From Reuters, November 24:
China's Zhongzhi Enterprise Group, a leading wealth manager, told investors it is heavily insolvent with up to $64 billion in liabilities, threatening to reignite concerns that the country's property debt crisis is spilling over into the broader financial sector.
The firm, which has sizable exposure to China's real estate sector, apologised to its investors in a letter that said it had total liabilities of about 420 billion yuan ($58 billion) to 460 billion yuan ($64 billion)....
....MUCH MORE
Although I don't believe he said it (no contemporaneous report, sole sourced from a very biased and bitter President Hoover) this would be an example of the line attributed to Secretary of the Treasury Mellon:
"Liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate. It will purge the rottenness out of the system. High costs of living and high living will come down. People will work harder, live a more moral life. Values will be adjusted, and enterprising people will pick up from less competent people."
—The Memoirs of Herbert Hoover, Vol. III, 1952, pp. 29
