Money 

Huaxia Life is in talks for a sale to Ping An, as Chinese regulators pick apart the financial empire of missing tycoon Xiao Jianhua

Ping An Insurance (Group), China’s biggest insurer by value, is in talks to buy Huaxia Life Insurance from missing Chinese financier Xiao Jianhua, according to several sources familiar with the matter.Talks between the two parties had gone on in fits and starts for several months since last year, stalling over the asking price of Huaxia, which claims to have 500 billion yuan (US$71 billion) in assets, with half a million employees in 24 nationwide branches, according to the sources.The talks… Source link

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Missing tycoon Xiao Jianhua’s relatives sell Causeway Bay shop for a massive 31 per cent loss

A shop in Causeway Bay, owned by relatives of Chinese billionaire Xiao Jianhua, the founder of the troubled Tomorrow Group, was sold at a massive loss as they start unwinding their property portfolio in the city.On Thursday, Xiao Yonghong and Sun Darui, the younger sister and brother-in-law of the missing tycoon, offloaded a 337 square feet retail unit at Causeway Place shopping centre for HK$18 million, according to Land Registry data. The couple had paid HK$26.23 million (US$3.34 million) in… Source link

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Missing oil tycoon Ye Jianming’s firm faces delisting in China, 18 months after he was detained by Chinese authorities

The latest turn in the dramatic downfall of one of China’s most aggressive deal makers – CEFC China Energy – is the likely start this week of removing its only mainland-listed unit from the Shenzhen Stock Exchange.CEFC China amassed a large portfolio of energy and financial assets in Europe, the Middle East, Central Asia and Africa under its mysterious founder, Ye Jianming.The empire builder was detained by Chinese authorities 18 months ago and has not been seen since. His detention on still… Source link

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Money 

Chinese tycoon Li Jianhua fights daughter over Canada real estate fortune in lawsuits depicting knife violence, fraud and corporate turmoil

Tycoon Li Jianhua once planned to live next door to his daughter in Vancouver after he retired from a career that has brought him political prestige and great wealth in China.Two multimillion-dollar mansions were built on a steep and wooded hillside overlooking Vancouver and the Salish Sea, side by side in the exclusive British Properties neighbourhood.It was a fitting location for the former deputy in the National People’s Congress, China’s parliament – in a corporate profile he called himself… Source link

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Chinese aluminium tycoon Liu Zhongtian indicted in US over tariff evasion of US$1.8 billion

Chinese aluminium billionaire Liu Zhongtian has been indicted in the US on allegations that he evaded US$1.8 billion in American tariffs, using a complex scheme that supposedly smuggled vast quantities of the metal into the US using a series of firms that he secretly controlled.  Liu, China Zhongwang Holdings and others were indicted on dozens of charges of conspiracy, wire fraud and international money laundering. They are also accused of defrauding investors in the 2009 Hong Kong… Source link

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Pursuit of China’s soccer dream turns into nightmare for internet tycoon

The founder of a Chinese internet company has been detained by police as they investigate a botched overseas acquisition.Although Baofeng Group said in a filing on Sunday night that its chairman Feng Xin was arrested by police, sources close to Feng said that the investigation and informal interrogation had started a few weeks ago, stemming from the failed takeover of London-based sports agency MP & Silva Holding in 2016.The failure of the deal also highlights how a U-turn in national policy… Source link

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Future Land reports property sales gain in June; company chairman and property tycoon Wang Zhenhua under investigation

Future Land Development ­Holdings, the mainland developer which lost tens of billions in market capitalisation last week after its former chairman was arrested, reported a 19 per cent rise in ­contracted sales in June from the previous month, according to a stock market filing on Sunday.Contracted sales for the month totalled 29.5 billion yuan (US$4.28 billion), representing an area of 2.53 million square metres, up from 24.7 billion yuan and 2.03 million square metres in May, the Shanghai… Source link

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Twenty-two year old education tycoon splashes out HK$916 million on luxury house at Mount Nicholson on The Peak

The 22-year-old chief executive of a high-end education centre has splashed out HK$916 million (US$117.33 million) for a house at one of Hong Kong’s most prestigious addresses.Matthew Cheung Siu-woon bought the 8,674-square foot (806 square metres) house at Mount Nicholson on The Peak early this month, according to a Land Registry document released on Wednesday. The purchase comes at a time most analysts are expecting the luxury property market to be dampened by poor sentiment.The young tycoon… Source link

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Macau gambling tycoon Stanley Ho’s son buys 20pc stake in Australia’s Crown Resorts for US$1.3 billion

Australian billionaire James Packer has sold nearly half his stake in Crown Resorts casinos to Lawrence Ho, son of Macau gambling tycoon Stanley Ho, for A$1.8 billion (US$1.3 billion).Packer’s investment company, Consolidated Press Holdings, said late on Thursday that the sale to Lawrence Ho’s Melco Resorts and Entertainment involved 19.99 per cent of Crown Resorts, bringing its holding in the group down to 26 per cent.Packer, who stepped down from the Crown board last year to deal with what… Source link

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Hong Kong’s paper tycoon Raymond Lee buys Repulse Bay property for HK$1.45 billion, in city’s priciest sale this year

Raymond Lee Man Chun, a veteran real estate investor and co-founder of Hong Kong’s largest paper producer Lee & Man Paper Manufacturing, is believed to be the owner of the most expensive property sold this year in the city.Lee and his wife Wong Man Yi are directors of a privately owned company called Winner Progress Limited, which paid HK$1.45 billion (US$185 million) to buy 8 Headland Road in Repulse Bay from the American International Assurance Company (AIA), according to Hong Kong’s company… Source link

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