Facing increased government control, CEFC China Energy is selling off its entire global property portfolio, valued at $3.2 billion.
The assets include a condominium unit at Trump World Tower in Manhattan, four floors of the Hong Kong Convention & Exhibition Centre and the conglomerate’s headquarters at the Shanghai Tomorrow Tower, Bloomberg reported. It wasn’t immediately clear what condo at Trump World Tower CEFC owns, but StreetEasy currently lists 19 units for sale at the property with prices ranging from $1.5 million to $11.8 million.
CEFC’s decision to unload nearly 100 properties comes as other Chinese companies, including HNA Group and Anbang Insurance Group, have started selling off their international holdings. The Chinese government has cracked down on investments in real estate outside the country.
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It seems that CEFC may be having a difficult time repaying debt and that the Shanghai government has taken the company’s reins. The company’s chairman Ye Jianming is expected to step down following news last month that he was under investigation by Chinese authorities. [Bloomberg] — Kathryn Brenzel