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Bloomberg
CEFC China Energy Co., the sprawling conglomerate that’s come under increasing government scrutiny, plans to sell its entire global property portfolio with a book value of more than 20 billion yuan ($3.2 billion), according to people with knowledge of the matter.
Almost 100 properties are up for sale, including its headquarters in an upscale Shanghai neighbourhood, four floors of the Hong Kong Convention& Exhibition Centre and a condominium at the Trump World Tower in Manhattan, as well as hotels, residential apartments and industrial facilities, said the people, asking not to be identified because the deliberations haven’t been publicly disclosed.
The firm joins a group of erstwhile acquisitive Chinese companies, including HNA Group Co. and Anbang Insurance Group Co., that have sold or are under pressure to sell holdings after coming under scrutiny amid President Xi Jinping’s crackdown on outbound deals and excessive debt.
CEFC rose from relative obscurity in recent years through increasingly ambitious energy and finance deals across Eastern Europe, the Middle East and Russia. Its troubles started not long after its biggest catch—an agreement in September to buy a $9 billion stake in Russian state energy giant Rosneft PJSC — sparked greater curiosity about the company, as well as its private and enigmatic chairman, Ye Jianming.