China Fortune Land Development Co., Ltd. is a publicly traded Chinese real estate developer, based in Beijing, headed by Wang Wenxue and focused on industrial parks. It purchased Chinese Super League club Hebei China Fortune F.C. on 27 January 2015.[2][3] Wang Wenxue still the largest shareholder of the company via China Fortune Land Development Holding.
Background
China Fortune Land Development's primary business is building and operating industrial parks and related real estate.[4] Its significant projects include Gu'an High Tech Park in Hebei.[4] China's central government has designated Gu'an High Tech Park as a "National Demonstration Public Private Partnership Project".[4]
As of May 2015, Wang Wenxue has an estimated net worth of US$4.1 billion.[5]
China Fortune Land Development was a constituent of the CSI 300 Index (index for large to medium-sized companies in the mainland China's stock exchanges) as well as its sub-index CSI 100 Index. Since June 2017, it also part of Shanghai Stock Exchange's blue chip index: SSE 50 Index.[6]
In 2017, Caixin Weekly described China Fortune Land Development as a "city maker" due to the scale of its projects.[4]
China Fortune Land Development in 2023 restructured 80% of its 219 billion yuan ($31.7 billion) debt through asset sales,[7] restructuring offshore assets,[8] setting up a trust fund,[9] selling its real estate division[10] and started making a profit.[11]
External links
References
- 2015 Annual Report China Fortune Land Development (in Chinese)^
- http://sports.sohu.com/20150127/n408107306.shtml sohu.com, 2015-01-27, retrieved 2015-01-27^
- http://sports.sina.com.cn/china/j/2015-12-15/doc-ifxmszek7103521.shtml sina.com, 2015-12-15, retrieved 2016-01-17^
- Xiaohuan Lan. How China Works: An Introduction to China's State-led Economic Development Palgrave Macmillan, 2024^
- Wang Wenxue Forbes, retrieved 11 May 2015^
- http://www.sse.com.cn/market/sseindex/diclosure/c/c_20170531_4318582.shtml Shanghai Stock Exchange, 31 May 2017, retrieved 30 October 2017^
- Cash-Strapped Chinese Developer Sells $1.8 Billion of Assets to State-Owned Rival Caixin Global, December 29, 2022^
- U.K. Court Clears Way for China Fortune Land’s Offshore Bond Restructuring Caixin Global, January 27, 2023^
- China Fortune Land to set up $3.5 billion trust fund to help pay debt ET Realty, November 11, 2023^
- China Fortune Land sells property units to CR Land in debt restructuring ET Realty, December 29, 2022^
- China Fortune Land Restructures Debt and Posts Profit Caixin Global, May 3, 2023^