March 27, 2018 / 7:10 AM / 23 days ago

CEFC China Energy plans to sell global properties worth $3.2 billion: Bloomberg

BEIJING (Reuters) - Chinese conglomerate CEFC China Energy plans to sell its entire global property portfolio with a book value of over 20 billion yuan ($3.2 billion), Bloomberg reported citing sources familiar with the matter.

FILE PHOTO: A CEFC logo is seen at CEFC China Energy's Shanghai headquarters in Shanghai, China September 14, 2016. REUTERS/Aizhu Chen/File Photo

Almost 100 properties are up for sale, including office buildings, hotels, residential apartments and industrial facilities, Bloomberg reported.

The properties are mostly located in big Chinese cities and include some in Europe and the United States, such as a condominium at the Trump World Tower in Manhattan.

Creditors of the company, led by its largest creditor China Development Bank (CDB), have formed a committee to review asset disposals, people familiar with the matter said this week, adding that the Shanghai government had taken the control of the firm.

A spokesman for CEFC declined to comment. CDB did not immediately respond to an emailed request for comment. Calls to its spokesperson and public relations office went unanswered.

The plan for divestments comes amid growing concerns about the company’s finances after founder and Chairman Ye Jianming was probed for suspected economic crimes.

The privately owned company has grown in a few years from a niche fuel trader into an oil and finance conglomerate with assets across the world but has become a takeover target itself since its chairman was put under investigation for economic crimes earlier this year.

($1 = 6.2441 Chinese yuan)

Reporting by Kane Wu in Hong Kong and Josephine Mason in Beijing; additional reporting by Aizhu Chen; Editing by Subhranshu Sahu and Gopakumar Warrier

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below