Chinese conglomerate CEFC China Energy continues to crumble, announcing plans to sell off its entire global property portfolio worth over RMB 20 billion ($3.2 billion), sources close to the matter told Bloomberg.
Close to 100 properties have been put on the market, mainly located in Chinese tier-1 cities but some in Europe and the US, such as a condo at Trump World Tower in Manhattan.
Following its recent rapid expansion, CEFC has been plagued with debt concerns and financial crime investigations regarding its former CEO, Ye Jianming, who resigned as chief last week whilst discussing deals with the Czech government.
The company’s finances have now been appropriated by the Shanghai government, who are in talks with creditors to review further asset disposals.