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
Tesla’s China-Built Cars Qualify for Government Subsidies in the Country
China Sees Another Potential Bond Default by Local Government Financing Vehicle
Baidu Files the Most AI Patent Applications in China, Again
LATEST
Shanghai Court Freezes Assets of Wanda Group Founder’s Son Wang Sicong
ByteDance Eyes Another TikTok-Like Success With New Music App
Chinese Cellphone Maker Oppo Expands Smart Hardware Offerings
Velodyne Lidar Cuts Direct Sales Team in China
Chinese Authorities Shut Down Image Providers for ‘Illegal’ News Services
Alibaba Co-Founder Joe Tsai Invests $10 Million in G2 Esports
Tencent Teams Up with Tech Firms to Build Satellite Network
JD.com's Liu Quietly Exits Posts at Several Units, but Maintains Shareholder Control
New Campus Harassment Claims Highlight China’s Embattled #MeToo Movement
British Businesses Eye Increased China Investment Despite Concerns, Report Finds
Huawei to Equip More of Its Devices with Its Harmony OS in 2020
China Unveils New National Pipeline Operator in Key Industry Revamp
Ambitious Nanjing Chip Project Faces Capital Strain
Xiaomi Takes on Apple in Japan With 108-Megapixel Budget Smartphone
BYD Sees Sharp Drop in New-Energy Car Sales in November
Bilibili Wins Exclusive Rights to Stream League of Legends Championship
Baidu Files the Most AI Patent Applications in China, Again
State Energy Giant Announces Mammoth Fracking Target for 2020
Landmark Transgender Discrimination Case Opens in East China
China Sees Another Potential Bond Default by Local Government Financing Vehicle
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