Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

TRENDING
Unitree Defends Robot Sales as Rival Claims Market Crown
LandSpace Pushes Ahead With $1.1 Billion IPO as Exchange Reviews Application
LATEST
LandSpace Pushes Ahead With $1.1 Billion IPO as Exchange Reviews Application
Unitree Defends Robot Sales as Rival Claims Market Crown
Xiaomi to Buy Back $321 Million in Shares After $72 Billion Rout
Alibaba Plans Spinoff of Chip Arm T-Head Amid AI Boom
Moore Threads Projects 2025 Revenue to More Than Triple on AI Chip Demand
China’s AI Industry Tops $172 Billion as Manufacturing Integration Accelerates
Nvidia CEO Says AI Is Triggering the Largest Infrastructure Boom in History
China Blasts EU Plan to Ban ‘High-Risk’ Telecom Vendors
Chinese Display-Maker TCL Names New CEO
China’s Smartphone Recovery Stalls as Subsidies Fade and Costs Rise
Chinese Electronics-Makers Tap AI to Improve Competitiveness, Boost Prices
TSMC Plans Record Capital Spending on Strong AI Demand
Poland Fines Temu $1.7 Million Over Misleading Discounts
From Silicon Valley to Shanghai: Gerald Yin’s Bet on Chipmaking in China
U.S. House Passes Bill to Curb China’s Cloud Access to AI Chips
Alibaba Adds Cloud Unit Executive to Top Leadership Group
U.S. Eases Restrictions on Nvidia H200 Chip Exports to China
Luxshare-Wingtech Deal Unravels Amid Legal Wrangling Over Indian Sites
XPeng Affiliate Aridge Eyes Hong Kong Listing as Flying Cars Near Takeoff
GigaDevice Soars in Hong Kong Debut as AI Demand Lifts Memory Chipmakers
Scandal-Hit Developer Seazen Sells $600 Million of Assets

By Niu Mujiangqu and Denise Jia / Jul 25, 2019 04:48 AM / Finance

Photo: VCG

Photo: VCG

Seazen Holdings agreed to sell 4.15 billion yuan ($600 million) of assets three week after the arrest of its founder on charges of molesting a nine-year-old girl threw the company into a financial crisis. 

The Shanghai-listed arm of property developer Future Land Development Holdings Ltd. said Wednesday in a statement that its subsidiaries signed agreements to transfer equity and creditors’ rights in 10 project companies. The 4.15 billion yuan consideration represents 13.62% of the parent company’s total assets at the end of 2018.

On July 10, Shanghai authorities said they formally arrested two individuals detained a week earlier on suspicion of child molesting. Police have provided only surnames for the man and woman arrested, but media have previously identified the man as Wang Zhenhua — a real estate tycoon who until recently was chairman of Future Land.

The news sparked public outrage and sent stocks of Future Land and related companies into a downward spiral. The proceedings triggered an investor exodus from Future Land and other real estate companies linked to Wang. That wiped out billions of dollars of market value, raised questions about the companies’ access to financing and fueled speculation that rival developers might move to take over all or part of Wang’s empire.

The buyers include Shenzhen-listed Jinke Property Group Co., Hong Kong-listed Powerlong Real Estate Holdings Ltd. and Hong Kong-listed developer CIFI Holdings (Group) Co. Chongqing-based developer Jinke was previously rumored to seek six project companies from Seazen for 1.72 billion yuan.

Share this article
Open WeChat and scan the QR code