Credit ratings of Chinese property companies have suffered following exhibition of low transparency or poor corporate governance. “Poor transparency and governance can lead to downgrades,” warned an SP Global Ratings report last month.
One such example is that of Fantasia Holdings, a property developer controlled by the niece of former Chinese President, Zeng Qinghong.
Baby Zeng Jie - also known as Zeng Baobao - owns 57.7 per cent of the firm, according to the Hong Kong Stock Exchange website. Indirectly, she also owns 68.1 percent of Fantasia subsidiary, Colour Life Services Group, given the company’s 67.1 per cent stake.
On February 28,...
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