{"id":20709,"date":"2021-12-17T06:55:00","date_gmt":"2021-12-17T11:55:00","guid":{"rendered":"http:\/\/worldjusticenews.com\/news\/?p=20709"},"modified":"2021-12-17T06:55:00","modified_gmt":"2021-12-17T11:55:00","slug":"money-manager-disappears-with-313m-from-chinese-builder","status":"publish","type":"post","link":"https:\/\/worldjusticenews.com\/news\/2021\/12\/17\/money-manager-disappears-with-313m-from-chinese-builder\/","title":{"rendered":"Money manager disappears with $313m from Chinese builder"},"content":{"rendered":"<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i85\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\"><b class=\"ssrcss-hmf8ql-BoldText e5tfeyi3\">A company that was once one of China&#8217;s biggest property developers says it has &#8220;lost contact&#8221; with a wealth manager that has $313m (\u00a3235m) of its money.<\/b><\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i85\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">China Fortune Land Development says British Virgin Islands-registered China Create Capital was supposed to have invested the funds on its behalf.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i85\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">Fortune Land told investors it has reported the issue to Beijing police.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i85\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">This month, the firm unveiled plans to restructure its debts after defaulting on billions of dollars of bonds.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i85\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">In 2018 one of Fortune Land&#8217;s overseas operations signed a deal that entrusted a company called Wingskengo Ltd to provide investment management services to the property developer, according to a document filed this week with the Shanghai Stock Exchange.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i85\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">The filing goes on to detail how, as instructed by Wingskengo, Fortune Land transferred $313m to China Create Capital.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i85\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">Fortune Land said it had expected the investment to generate annual interest of 7% to 10% until the agreement was due to expire at the end of 2022.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i85\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">However, Fortune Land said it is now unable to contact Create Capital, adding there is &#8220;no way to judge&#8221; what impact the missing money will have on its current and future profits.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i85\" data-component=\"unordered-list-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<div class=\"ssrcss-1pzprxn-BulletListContainer e5tfeyi0\">\n<ul role=\"list\">\n<li><a class=\"ssrcss-9nsdc6-InlineLink e1no5rhv0\" href=\"https:\/\/www.bbc.co.uk\/news\/business-58579833\">Evergrande misses debt deadline as crisis worsens<\/a><\/li>\n<li><a class=\"ssrcss-9nsdc6-InlineLink e1no5rhv0\" href=\"https:\/\/www.bbc.co.uk\/news\/business-58540939\">Shares in cash-strapped China property giant plunge<\/a><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i85\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">Like several other major Chinese real estate companies, Fortune Land has seen its shares plummet in recent months as the industry was gripped by a debt crisis.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i85\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">Its Shanghai-listed shares have lost more than 70% of their value this year after failing to meet its financial obligations.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i85\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">However, Fortune Land said earlier this month that a group of creditors had approved a debt restructuring plan.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i85\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">The agreement offered a potential lifeline to the heavily indebted company after it defaulted on billions of dollars of bond debt this year.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-y32r44-ComponentWrapper-HeadlineComponentWrapper e1xue1i88\" data-component=\"subheadline-block\">\n<h2 id=\"subheadline-14\" class=\"ssrcss-1nmw0uu-StyledHeading e1fj1fc10\" tabindex=\"-1\"><span role=\"text\">Debt crisis<\/span><\/h2>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i85\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">Fortune Land is just one of China&#8217;s debt-laden property developers that came under intense pressure after Beijing launched a sweeping crackdown on excessive borrowing in the sector last year.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i85\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">Industry giant Evergrande, which has around $300bn of debt, has been the most high-profile company to be engulfed by the crisis and has recently missed interest payments on some overseas bonds.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i85\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">Meanwhile, rival developer Kaisa, which has offshore debt of $12bn, did not repay $400m of bonds that matured last week.<\/p>\n<p>Source: <a href=\"https:\/\/www.bbc.co.uk\/news\/business-59693121\" target=\"_blank\" rel=\"noopener\">bbc.co.uk<\/a><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<div class=\"mh-excerpt\">A company that was once one of China&#8217;s biggest property developers says it has &#8220;lost contact&#8221; with a wealth manager that has $313m (\u00a3235m) of its money. China Fortune Land Development says British Virgin Islands-registered <a class=\"mh-excerpt-more\" href=\"https:\/\/worldjusticenews.com\/news\/2021\/12\/17\/money-manager-disappears-with-313m-from-chinese-builder\/\" title=\"Money manager disappears with $313m from Chinese builder\">[&#8230;]<\/a><\/div>\n","protected":false},"author":1,"featured_media":20710,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"pmpro_default_level":"","footnotes":""},"categories":[2,6],"tags":[3843,1673,8228,8229,8230],"class_list":{"0":"post-20709","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news","8":"category-world","9":"tag-beijing","10":"tag-china","11":"tag-china-create-capital","12":"tag-china-fortune-land-development","13":"tag-wingskengo-ltd","14":"pmpro-has-access"},"_links":{"self":[{"href":"https:\/\/worldjusticenews.com\/news\/wp-json\/wp\/v2\/posts\/20709","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/worldjusticenews.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/worldjusticenews.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/worldjusticenews.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/worldjusticenews.com\/news\/wp-json\/wp\/v2\/comments?post=20709"}],"version-history":[{"count":2,"href":"https:\/\/worldjusticenews.com\/news\/wp-json\/wp\/v2\/posts\/20709\/revisions"}],"predecessor-version":[{"id":20713,"href":"https:\/\/worldjusticenews.com\/news\/wp-json\/wp\/v2\/posts\/20709\/revisions\/20713"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/worldjusticenews.com\/news\/wp-json\/wp\/v2\/media\/20710"}],"wp:attachment":[{"href":"https:\/\/worldjusticenews.com\/news\/wp-json\/wp\/v2\/media?parent=20709"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/worldjusticenews.com\/news\/wp-json\/wp\/v2\/categories?post=20709"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/worldjusticenews.com\/news\/wp-json\/wp\/v2\/tags?post=20709"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}