Home Business Zeng Qinghong’s niece “never lie flat” continuously posts articles suspiciously provoking Xi Jinping | Zeng Baobao | Fantasia | Financial Crisis

Zeng Qinghong’s niece “never lie flat” continuously posts articles suspiciously provoking Xi Jinping | Zeng Baobao | Fantasia | Financial Crisis

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[NTD News October 10, 2021, Beijing time]The Fantasia Holding Group founded by Zeng Qinghong’s niece Zeng Baobao is in financial crisis. Zeng Baobao recently issued a series of articles stating that “the butt determines the decision of the head” and “the Fantasia will never lie flat”. According to expert analysis, Zeng Baobao’s remarks are suspected of provoking Xi Jinping.

Following Evergrande, another Chinese real estate developer Fantasia Holdings Group also broke out in a financial crisis. On October 4, Fantasia failed to pay a maturity bond of US$206 million.

That night, Zeng Baobao, the actual controller of Fantasia, posted a screenshot of the movie poster of “Darkest Hour” on Weibo.

On the 6th, she posted a set of pictures of Monkey King on Weibo, with the texts “Look at my bright strokes”, “Open the road in the mountains”, and “Dare to fight.”

On the 7th, Zeng Baobao wrote again: “Professional matters are left to the professionals, the ass decides the decision-making of the head, and the one with the most stable ass sits, and the others are babbling, thank you. Focus”.

This post seems to have an overtone. According to Chen Youcheng, a Chinese financial scholar, Zeng Baobao said, “Give it to the one who sits on the bottom”, “It clearly shows that her backer seems to be unreliable. Now only Xi Jinping is in the 19th and 10th National Congress of the Communist Party of China. The faction in power after the Eighth National Congress of the Communist Party of China, then their ass and backing are the most stable.”

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On the evening of the 8th, Zeng Baobao’s office sent a letter to the employees by email, stating that “the Fantasia will never lie down”. The company has set up a special team to try to get out of the predicament, but the problem has not yet been resolved.

According to the report for the first half of 2021, the total liabilities of Fantasia are RMB 83.007 billion, and the net debt ratio is 74.8%. The short-term liabilities due within one year are RMB 19.545 billion, and the debt-to-asset ratio is 75.7%.

Tang Jingyuan, a current affairs commentator in the United States, told NTD that the difficulty of borrowing and financing currently encountered by Fantasia is closely related to Xi Jinping’s current reorganization of real estate companies.

“Zeng Baobao can’t borrow money from the mainland bank anymore. She posted a post obviously insinuating Xi Jinping.” Tang Jingyuan said, “In Zeng Baobao’s eyes, this is a decision made by the ass to determine the head, because this blocked her muffled voice. Make a fortune.”

Fantasia was established in 1996 and was listed in Hong Kong in November 2009. In 2010, it became one of the top 50 real estate companies in China. However, since Xi Jinping came to power in 2012, Fantasia’s sales have been at a low level for 5 consecutive years.

In 2019, Zeng Baobao, who retired from behind the scenes, returned to the front of the scene as CEO of the real estate group, but he still failed to restore the downward trend.

Public information shows that there are currently 12 US dollar bonds coexisting in Fantasia, with a debt balance of 3.98 billion US dollars. Five of them will expire within one year, totaling US$1.559 billion; three will expire in 2021, totaling US$762 million. The interest rates of these US dollar bonds are generally high, with 7 having an interest rate higher than 10%, with a maximum of 15%; and only 3 having an interest rate lower than 8%.

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Recently, the ratings of the three major international rating agencies, Standard & Poor’s, Fitch, and Moody’s, have all downgraded the ratings of Fantasia to “negative”. Fitch estimates that between now and the end of next year, Fantasia will have to repay nearly US$2 billion in international bonds and nearly US$1 billion in local market bonds.

Chen Youcheng, a Chinese financial scholar, believes that Zeng Baobao is not so good now because her backer has become the target of attacks in the political power struggle. On the contrary, real estate companies that are not regarded as hostile forces by those in power can “escape.”

Chen Youcheng said: “The family powers of Jiang Zemin, Li Peng, and Zeng Qinghong that Xi Jinping wants to fight against have finally removed them from the political influence by first investigating their economic problems, especially their investment and holdings in various fields in China. .”

Epoch Times columnist Wang He told NTD that at present, the economic strength of the Zeng Qinghong family and the expansion of the field are quite deep and the net is quite large. “Baby Zeng may just be a signal.”

(Reporter Luo Tingting Comprehensive Report / Chief Editor: Wang Anping)

The URL of this article: https://www.ntdtv.com/gb/2021/10/10/a103239185.html

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