Hong Kong-Listed Central China Real Estate to Suspend All Payments to Offshore Creditors after Defaulting on 7.75% Senior Notes Due 2024, Market Value Fell 97% from $1.75 Billion in 2020 Pre-COVID to $47.8 Million
24th June 2023 | Hong Kong
Hong Kong-listed Central China Real Estate has announced to suspend all payments to offshore creditors after defaulting on its interest payment of 7.75% senior notes due 2024. Central China Real Estate market value had fell 97% from $1.75 billion in 2020 (Pre-COVID, HKD 4.78 per share) to current market value of $47.8 million (HKD 0.13 per share, HKD 375 million). Central China Real Estate Group was founded by Chairman Hu Baosen (Wu Po Sum) in 1992, and listed on Hong Kong Exchange in 2008.
” Hong Kong-Listed Central China Real Estate to Suspend All Payments to Offshore Creditors after Defaulting on 7.75% Senior Notes Due 2024, Market Value Fell 97% from $1.75 Billion in 2020 Pre-COVID to $47.8 Million “
Central China Real Estate Group
Central China Real Estate Group (China) Company Limited (hereinafter referred to as “the Company”) was established in 1992 by Mr. Hu Baosen, Chairman of the Board of Directors of Central China Real Estate Limited. The Company was listed on the Main Board of the Hong Kong Exchanges and Clearing Limited (HKEX) on June 6, 2008 (stock code: 00832.HK) and has the first-class qualification of China’s real estate development companies. Since its establishment, the Company has adhered to the corporate philosophy of “perseverance for excellence” and is determined to contribute to the industrial development and private economy, and the rejuvenation and prosperity of the country. Based on the core value of “Taking Root in the Central China and Contributing to the Public”, the Company initiated and implemented the “Provincial Development Strategy”, took root in Henan province, and gradually extended and expanded its business step by step forwards according to the macro background of the country’s urbanization development. Due to the unique business model, it has also been praised as the “CCRE model” by China’s real estate industry.
Wu Po Sum
Wu Po Sum, (formerly known as Hua Jianming), is an executive Director, the Chairman of the Board and the founder of the Group.
He is also a director of a number of subsidiaries of the Company. Mr. Wu is responsible for the formulation of development strategies, making decisions on investment projects and development directions of the Group. He graduated from Zhengzhou University majoring in English in 1979 and completed the CEO Program for China in China Europe International Business School on 27 March 2005. Mr. Wu is the father of Ms. Wu Wallis, a non-executive Director.
Mr. Wu has over 20 years of experience in real estate development and investment. He started his career with China Textile Import and Export Corporation Henan Branch in 1979. From 1982 to 1985, Mr. Wu was sent by the Department of Foreign Trade of Henan Province to work in Hong Kong. From 1985 to 1986, he was the assistant general manager of Central China International Economic Trade Company Limited (“CCIET”). From 1986 to 1988, Mr. Wu worked as the president and the general manager in Guoguang Industrial Company Limited, a subsidiary of CCIET. From 1988 to 1991, Mr. Wu served as the assistant general manager and the general manager in Central China International (Group) Limited and Central China Overseas Development Company Limited, respectively. He then entered the PRC real estate market in May 1992, when he laid the foundation for the Group and established the「建業」(Jianye) brand name.
Mr. Wu devotes himself not only to the development of the Group’s business, but also to public services and promoting the PRC real estate industry. In 1999, he, together with Mr Feng Lun from Vantone Group, Mr Wang Shi from Vanke Group and other leaders in the PRC real estate industry, co-launched and cofounded China Urban Realty Association, as well as proposed and led the “New Housing Movement”. He served as the third Chairman of China Urban Realty Association from 2004 to 2006. In 2003, Mr Wu was recognized as one of the “Top Ten Figures of the Time in the PRC Real Estate Industry” and of the “Top Ten Meritorious Figures in the PRC Real Estate Industry”. In 2003, he was recognized as one of the “Fifty Influential Figures in the PRC Real Estate Industry in 2003” and of the “Top Ten PRC Outstanding Entrepreneurs of Privately-owned Enterprises in 2003”. In 2004, he was selected as one of the “Influential Figures of the 2004 Housing Changing China”, and was recognized as one of the “Leaders in the Housing Industry” by the All-China Federation of Industry and Commerce. In 2006, he was elected as Vice-President of the China Real Estate Industry Association.
Mr. Wu is also active in community services. He was elected as the member of Nation Committee of the Chinese People’s Political Consultative Conference (CPPCC) and “Henan Top 10 Outstanding Philanthropists” in 2003. In 2004, he was awarded “Outstanding Developer of Socialism with Chinese Characteristics Business”. In 2005, Mr. Wu was honored as one of the “Most Influential People of China Property Market in Fifteen Years” and “Henan’s Most Respected Entrepreneurs”. In 2006, Mr. Wu was selected as “2006 China’s Most Influential – Representative of Zhengzhou City”. In 2007, Mr. Wu received the “Yellow River Friendship Award” from the People’s Government of Henan Province. In 2008, he was elected as a delegate to the National People’s Congress (NPC). In 2010, he was elected as the fourth rotating chairman in office of China Entrepreneur Club, China’s most influential organization for entrepreneurs. In 2011, Mr. Wu established “Benyuan Humanities and Charity Foundation”, a nonpublic fundraising educational charity foundation that promotes the education on humanities in the Chinese community. Apart from these, Mr. Wu is the Vice-Chairman of the Federation of Industry and Commerce of Henan Province and a part-time MBA Professor in Zhengzhou University.
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