Things are getting very ugly for both the so-called "China's Blackstone", and China in general.

Just days after we reported that the "secretive" shadow-banking giant, Zhongrong, also called "China's Blackstone" as it manages (or rather managed) 1 trillion in AUM, had missed payments on "multiple shadow banking (i.e. high-yield investment) products", stoking fresh worries about contagion amid China's deflationary pressures and, of course, a tottering real estate sector, which as a reminder is the largest asset class on earth...