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
GPT Weekly: CoreWeave Secures $6.3 Billion Nvidia Order
Huawei Unveils Three-Year AI Chip Roadmap as Nvidia Faces Setbacks in China
LATEST
GPT Weekly: CoreWeave Secures $6.3 Billion Nvidia Order
Huawei Unveils Three-Year AI Chip Roadmap as Nvidia Faces Setbacks in China
Tencent Cloud Shuns Price War in Intensifying AI Race
China’s Regulator Ramps Up Push to Curb Food Delivery Subsidy War
Chinese Robot Startup Unitree Gears Up for Market Debut
China Enforces AI Content Labeling Rules to Curb Misuse
Tech Brief (Sept. 2): China Rolls Out Mandatory AI Labeling
Meituan Enters Open-Source AI Race With LongCat Model
Tech Brief (Aug. 29): SenseTime Reports Strong AI Growth
All Hail the Driverless Taxis as China Eyes a $183 Billion Market
Tech Brief (Aug. 27): Cambricon Reports $128 Million Profit, Stock More Than Doubles Since July
Tech Brief (Aug. 26): Musk’s xAI Sues Apple and OpenAI Over Alleged AI Market Monopoly
Exclusive: NetEase’s Youdao CEO Explains How AI Agents Could Build a Future of Virtual Teachers
Ant Group Teams up With Top Beijing Hospital to Launch AI Healthcare Lab
Didi and Meituan Clash in Brazil as Food Delivery Battle Goes to Court
Google Denies Rumors It Is Resuming Full Services on Chinese Mainland
China Proves a Winner in the Gaming Market as Growth Hits a Five-Year High
China’s Booster Robotics Lands New Funding as it Hits a Winning Streak
Amazon to Shut Down Shanghai AI Lab Amid Strategic Shift
Cover Story: A New Gold Rush Begins in China’s Hard Tech Sector
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