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
Baidu Weighs Spinoff of AI Chip Unit for Independent Listing
Nvidia Welcomes U.S. Nod to Sell H200 AI Chips in China
Chinese Chip Heavyweight Abandons Acquisition of Server Firm
LATEST
Chinese Chip Heavyweight Abandons Acquisition of Server Firm
Nvidia Welcomes U.S. Nod to Sell H200 AI Chips in China
Baidu Weighs Spinoff of AI Chip Unit for Independent Listing
Huawei’s Ren Downplays Chip Shortage, Touts AI for Industrial Value
China’s AI Chip Leaders Ride IPO Wave Amid Drive for Tech Self-Sufficiency
Tsing Micro Raises Over 2 Billion Yuan in State-Backed Round as China Ramps Up AI Chip Push
Synthetic Biology at Scale Could Reshape Food and Materials Systems, Expert Says
ByteDance in Talks With Smartphone Makers to Embed AI Assistant
Lenovo Executive Urges AI Startups to Take On Tech Giants
Infinigence AI Raises 500 Million Yuan to Expand Heterogeneous Computing Platform
Alibaba’s Quark Unit Launches AI Glasses Powered by Qianwen Model
Pony AI Plans to Triple Robotaxi Fleet to 3,000 by 2026 as Revenue Jumps
China’s Semiconductor Software Push Gains Traction Amid U.S. Curbs
Alibaba Scales Back Retail Spending, Dismisses AI Bubble Fears
Huawei Slashes Flagship Phone Price Amid Slowing Shipments
China’s CXMT Takes Aim at Global Leaders With High-End DDR5 Memory Chips
Alibaba’s Profit Plunges 72% on Costly Foray Into Instant Retail
Xiaomi, Founder Stem Stock Rout With $115 Million Buyback
Analysis: Soaring Legacy Chip Prices Spark Windfall — and Risk — Across Supply Chain
Alibaba, Ant Race to Catch Rivals in China’s AI App Boom
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