Court Freezes China Minsheng Stake in Valuable Shanghai Land
- Firm missed payment on a yuan-denominated bond last month
- Its debt pile is one of the biggest of Chinese private firms
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China Minsheng Investment Group Corp.’s stakes in two property-related firms have been frozen by a court, exacerbating funding woes at the private investment giant that recently missed a bond payment.
Shanghai’s Financial Court seized the company’s stakes in China Minsheng Jiaye Investment Co. and China Minsheng Bund Real Estate Development Co., valued at a combined 13.2 billion yuan ($1.9 billion), according to filings dated Feb. 1. The latter holds a prime-locale land plot in Shanghai, which was purchased in 2014 at what local media reported was a record price. Calls to China Minsheng Investment Group’s financing manager went unanswered.