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
Investors Flock to Chinese eVTOLs Chasing Regulatory Green Lights
China Unicom Taps Veteran Executive as Chairman to Navigate Telecom Transition
China’s Giant Neutrino Detector Delivers First Results With Record Precision
LATEST
China’s Giant Neutrino Detector Delivers First Results With Record Precision
China Unicom Taps Veteran Executive as Chairman to Navigate Telecom Transition
Chinese Self-Driving Firms Accelerate Into Middle East, Southeast Asia
Baidu Posts Record Revenue Decline as Ad Business Falters
Xiaomi’s EV, AI Units Post First Quarterly Profit
China’s Agricultural Drone Makers Pivot to Smarter Navigation as Size Race Ends
Alibaba Renames AI App to Stand Out in China’s Crowded Chatbot Market
Investors Flock to Chinese eVTOLs Chasing Regulatory Green Lights
Nexperia Headquarters Rachets Up Feud With China Unit With Salvo of Accusations
Robot-Maker Unitree Steps Closer to China IPO
Tencent Says Talks With Apple on WeChat Game Fees Are Advancing
Baidu Unveils Ambitious AI Chip Roadmap, Targeting 1 Million-Card Cluster by 2030
Tencent’s Profit Rises 19% on Overseas Gaming and AI-Powered Ad Surge
Caixin Summit: Design, Commercialization Key to China’s Low-Altitude Economy Taking Off, Industry Insider Says
China’s Robotics Revenue Soars as Industry Races to Crack Embodied AI
U.S. Formally Suspends Sweeping Export Control Rule for One Year After China Trade Talks
XAG Bets on Smart Farm Tech as Drone Turf Gets Crowded
Nexperia China Chip Supplies to Soon Resume, Dutch Official Says
China’s eVTOL Makers Turn to Hybrid Power to Boost Range and Cut Costs
Dutch Chipmaker Nexperia Denies Reports of Chinese CEO’s Reinstatement
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