Financiers warned on Chengdu firm

Business | Winnie Lee 24 Sep 2020

Chengdu Hi-Tech Industrial Development Zone Bureau of Finance has banned financial organizations from providing financial aid to Hutchison Whampoa Properties (Chengdu) after CK Asset (1113) sold it in July for HK$7.84 billion, according to reports.

The bureau asked institutions not to provide financing, loans and asset restructuring as Hutchison Whampoa Properties (Chengdu) is involved in land hoarding, the 21st Century Business Herald said, quoting a source from a financial organization in Chengdu.

It also said the company seriously affected the stable development of the regional real estate market.

The Chengdu company was formerly wholly owned by CK Asset. However, the developer sold it to mainland developers Yuzhou Group (1628) and Chengdou Ruizhuo Real Estate on July 23.

A spokesman for CK Asset said Hutchison Whampoa Properties (Chengdu) is not its subsidiary and is not controlled by the group. The developer said 11 development projects were carried out in strict accordance with national regulations, and there is no land hoarding situation.

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