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
China’s Robotics Industry Index Rises 6.4%
WeChat Opens AI Agent Ecosystem for Food Orders and Flight Bookings
Pentagon Adds Alibaba, Baidu, BYD and Nio to Chinese Military-Linked List
LATEST
China Targets 10,000 Humanoid Robots in Commercial Use by End-2026
Chinese Tech Insiders Cash Out After AI Stock Rally
Pentagon Adds Alibaba, Baidu, BYD and Nio to Chinese Military-Linked List
WeChat Opens AI Agent Ecosystem for Food Orders and Flight Bookings
China’s Robotics Industry Index Rises 6.4%
Tencent Cloud Expands AI Agent Push as Yuanbao Races to Catch Rivals
Tencent Opens WeChat to Handset Makers’ AI Assistants
China Launches New Reusable Rocket to Accelerate Satellite Deployment
DJI, Insta360 Lock Horns in Camera Pricing Standoff
Tencent Gains $53 Billion in Value on Reports of WeChat AI Agents
Chinese Chipmaker YMTC Claims 13% of $46 Billion Global NAND Market
China’s Robotics Funding Frenzy Picks Up
In Depth: China Arms Itself With New Legal Tools to Scruntinize Overseas Investment
Zhipu Seeks $2.2 Billion Shanghai Listing to Fuel AI Expansion
In Depth: Huawei’s Bid to Rewrite the Rules of Chip Scaling
Humanoid Robot Maker Unitree Advances Toward $618 Million Shanghai IPO
MiniMax Eyes Shanghai Listing as China AI Firms Chase Capital
China AI Developer Zhipu Hits Record $112 Billion Valuation
Luxshare Gets Lenient Antitrust Fine Over Wingtech Deal
Flying-Car Startup Volant Raises $147 Million Ahead of Potential IPO
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