The CCP Politburo headed by Xi Jinping held a meeting to clarify that the fight against corruption will continue in 2023. Zeng Qinghong, former member of the Politburo Standing Committee of the CCP Central Committee, is once again the regime’s crosshairs. The death of former Chinese leader Jiang Zemin in Shanghai and the troubles at Fantasia Holdings Group have brought Zeng Baobao and her uncle Zeng Qinghong back into the spotlight. In addition, Zeng Qinghong was also exposed by Hong Kong media for admitting corruption and making four false statements about his family’s assets.
On November 30, the CCP’s official media outlet, People’s Daily, reported that the CCP Central Committee and other agencies had issued notices stating that Jiang Zemin had died in Shanghai on November 30, due to leukemia and multiple organ failure.
On December 6, Xi Jinping chaired a meeting of the Politburo of the CCP. In addition to working on the economy for 2023, he also listened to reports of the Central Commission for Discipline Inspection and the National Supervision Commission, and implemented the work for corruption prevention and control for next year too.
The meeting emphasized that the top priority was to deal with those who have acted recklessly since the CCP’s 18th National Congress, focusing on investigating and handling corruption cases intertwined with political and economic issues, and dispensing severe punishment.
On December 6, Yuan Hongbing, a lawyer based in Australia, said in an exclusive interview with Vision Times that, following the crisis of the “White Paper Movement”, Xi is determined to once again purge the Jiang faction including Zeng and others in the name of “anti-corruption” and seize assets. Another purge within the CCP seems inevitable.
Fantasia of Zeng Qinghong’s niece was sued for debt foreclosure
According to Sohu, on May 30, Fantasia Holdings Group, a listed company in Hong Kong, announced that it had been sued by Flower SPV 4 Limited in the Cayman Islands for $149 million in outstanding loan financing. Flower SPV 4 Limited filed on May 24, and Fantasia was notified on May 26.
Fantasia did not accept the petition. Real estate group Fantasia said it will seek legal advice and take action to protect its legal rights.
If the Cayman Islands court accepts Flower SPV 4 Limited’s application, the liquidation will take effect on May 26 and all property rights as well as the transfer of shares of the company will be resolved. Company shareholder changes, … will not be valid. The company will seek legal advice and take all actions to protect its legal rights.
The company’s registered office is located in the Cayman Islands, and its shares were suspended from trading on April 1, 2022. Fantasia announced on May 30 that trading in the company’s shares are suspended until further notice.
According to Wikipedia, the founder of Fantasia Holdings, Zeng Baobao. The company is headquartered in Shenzhen and its main business is the development of real estate projects in Shenzhen, Chengdu and other places.
Radio Free Asia (RFA) reported that Chen Youcheng, a Chinese financial scholar, believes that as a member of the Zeng family, former member of the Politburo Standing Committee of the CCP Central Committee, Zeng Baobao, is not as respected as she was. The situation showed that her supporters were no longer able to protect her. It also reflects the fact that Jiang Zemin and Zeng Qinghong’s factions are losing power in the infighting in Zhongnanhai. Her background makes her a target in the CCP’s political struggle.
Zeng Baobao has shown weakness in the face of the regime led by Xi, and hinted that she intends to sell her personal stake in Fantasia. In the future, Fantasia could also be a public-private partnership or owned by the CCP.
According to the article, the anti-corruption campaign promoted by Xi’s faction is in fact a purge of Jiang’s faction, and a large-scale power political reshuffle of the CCP. This power struggle has extended to various sectors including the real estate industry.
Zeng Qinghong made 4 false statements about his family’s assets
Hong Kong magazine Zhengming said in July, 2015 that, on June 30, Zeng Qinghong attended a seminar theory at the Central Party School. At the meeting, he complained that he was facing new problems and pressures, and he said that he did not see any provisions in the constitution and Party charter that “forbade family members of senior cadres from doing business.” He added that the documents did not say that family members were “not allowed to enter the financial sector, or not allowed to develop businesses abroad, and not allowed to settle abroad.”
The magazine also said that Zeng Qinghong had lied four times about his family’s assets. According to CCP statistics, the family has assets spread around the world, including in Hong Kong, Macau, Australia, the United Kingdom, and New Zealand, with a total of more than 20 billion yuan (more than $2.8 billion).
In Beijing, Shanghai, Hangzhou, and other places alone, the market value of commercial buildings owned by the Zeng family has reached more than $1 billion; The value of villas, apartments, and other residential properties in his name is also as high as $75 million to $88.2 million. And he has shares and securities and bank deposits totaling more than $1.5 billion. and this doesn’t include other properties such as resorts, golf courses, farms, cars and yachts. It’s no wonder he is on Xi’s corruption hit list.