China Fortune Land Unable to Locate Overseas Fund Manager, $313 Million at Risk
17th December 2021 | Hong Kong
China Fortune Land Development, one of China’s largest property developer, had announced it is unable to locate its overseas fund manager China Create Capital, which it has entrusted $313 million to generate 7% to 10% yearly. The fund manager China Create Capital, is registered in the British Virgin Islands. In March 2021, China Fortune Land Development had defaulted on its bond interest payment and at the end of November 2021, it had not repaid around $16 billion of principal and interest payment. China Fortune Land Development is founded in 1998 by Wang Wenxue, focusing on industrial parks and had acquired Chinese Super League football club Hebei China Fortune in 2015. China Fortune Land Development is listed on Shanghai Stock Exchange and since 2017, is a blue-chip index of Shanghai Stock Exchange 50 Index.
“ China Fortune Land Unable to Locate Overseas Fund Manager, $313 Million at Risk “
China Create Capital
In November 2021, a court in Guangdong province (China) had sentenced China Create Capital’s controller Zhang Wei and 18 others to life in prison for crimes for pooling of public deposits without license and fine $1.9 million.
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