[The Epoch Times, May 22, 2022](Comprehensive report by The Epoch Times reporter Li Jing) China’s large-scalereal estateFantasiaThe debt crisis of Holding Group Co., Ltd. (“Fantasia”) has been going on for several months. Recently, Fantasia announced the sale of a 51% stake in China Jiaotong Huachuang, which attracted the attention of the industry. Since September last year, Fantasia has transferred assets of more than 4.56 billion yuan (RMB, the same below).
On the evening of May 19th,FantasiaAnnounced the sale of a total of 51% of the shares of CCCC Huachuang (Shaoxing) Real Estate Co., Ltd. to CCCC Meilu (Hangzhou) Real Estate Co., Ltd., a wholly-owned subsidiary of CCCC Real Estate, at a purchase price of about 408 million yuan; The principal of CCCC Huachuang is about 283 million yuan and the interest is about 70 million yuan, and the total transaction amount is about 760 million yuan.
Fantasia said in the announcement that the sale is one of the measures the company is implementing to alleviate liquidity problems.
According to the data, CCCC Huachuang is a project company jointly established by Fantasia and CCCC Real Estate, and CCCC Real Estate holds a 49% stake. The project company owns the Jinghu Guandu No. 4 project land in Yuecheng District, Shaoxing City, Zhejiang Province, which was auctioned by both parties for 4.156 billion yuan in April 2020. It is the last large-scale low-density residential land in the Guandu sector.
On September 28, 2021, Color Life, a property management platform under Fantasia, sold all the shares of its core asset, Neighborhood, to Country Garden Services for a total consideration of no more than 3.3 billion yuan. On October 4 of the same year, Fantasia announced a default on its debt due to its failure to repay US$206 million worth of notes as scheduled.
Fantasia Holdings is a former member of the Standing Committee of the Political Bureau of the Communist Party of ChinaZeng Qinghongfamily business, its nieceZeng BaobaoAs the CEO and major shareholder of Fantasia Holdings, he holds Hong Kong citizenship.
On March 31 this year, the mainland listed in Hong Kongreal estateThe deadline for annual report disclosure, including Fantasia Holdings and many other real estate companies, was suspended by the Hong Kong Stock Exchange for failing to disclose their annual reports on time.
From mid-October 2021, the three internationally renowned credit rating agencies Fitch, S&P and Moody’s have lowered Fantasia, S&P and Moody’s for many times.China EvergrandeChina Aoyuan and other Chinese real estate companies, citing the financial crisis.
“Securities Daily” reported that Fantasia has sold a number of assets since its public debt default in October last year. Together with the above-mentioned asset sales, the total amount of assets sold exceeds 1.26 billion yuan. It can be seen from this that since September 2021, the amount of assets transferred by Fantasia has exceeded 4.56 billion yuan.
After Fantasia fell into crisis,Zeng QinghongSo far there has been no sign of helping him, and the outside world believes that he has been at a disadvantage in the struggle with Xi Jinping’s faction and is unable to help.
Responsible editor: Sun Yun#