China Fortune Land Development
{{Short description|Chinese real estate company}}
{{Infobox company
| name = China Fortune Land Development
| logo = File:China Fortune Land Development logo.svg
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| type = public
| traded_as = {{ubl|{{SSE|600340}}|
|SSE 50 Component }}
| industry = Real estate development
| founded =
| founder = Wang Wenxue
| hq_location = {{ubl|Langfang, China (legal)|Beijing, China (de facto)}}
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| revenue = {{increase}}{{CNY|38.335 billion}}
| revenue_year = 2015
| operating_income = {{increase}}{{CNY|6.903 billion}}
| income_year = 2015
| net_income = {{increase}}{{CNY|4.834 billion}}
| net_income_year = 2015
| assets = {{increase}}{{CNY|168.623 billion}}
| assets_year = 2015
| equity = {{increase}}{{CNY|13.527 billion}}
| equity_year = 2015
| owner = China Fortune Land Development Holding (68.88%)
| subsid = Hebei F.C. (100%)
| website = [http://www.cfldcn.com cfldcn.com]
| footnotes = in consolidated basis[http://www.cfldcn.com/u/cms/www/upload/files/2016/3/31114850172.pdf 2015 Annual Report] {{Webarchive|url=https://web.archive.org/web/20160924231831/http://www.cfldcn.com/u/cms/www/upload/files/2016/3/31114850172.pdf |date=2016-09-24 }} China Fortune Land Development (in Chinese)
}}
{{Chinese|title=China Fortune Land Development Co., Ltd.|s=华夏幸福基业股份有限公司|t=華夏幸福基業股份有限公司|p=Huáxià xìngfú jīyè gǔfèn yǒuxiàn gōngsī|order=st}}
China Fortune Land Development Co., Ltd. is a publicly traded Chinese real estate developer, based in Beijing, headed by Wang Wenxue and focused on industrial parks. It purchased Chinese Super League club Hebei China Fortune F.C. on 27 January 2015.{{cite web|url=http://sports.sohu.com/20150127/n408107306.shtml|script-title=zh:河北中基更名河北华夏幸福 安蒂奇上任签约三年|publisher=sohu.com |date=2015-01-27 |accessdate=2015-01-27|language=zh}}{{cite web|url=http://sports.sina.com.cn/china/j/2015-12-15/doc-ifxmszek7103521.shtml |script-title=zh:足协发布公告：河北中基正式更名为河北华夏幸福 |publisher=sina.com |date=2015-12-15 |accessdate=2016-01-17|language=zh}} Wang Wenxue still the largest shareholder of the company via China Fortune Land Development Holding.
Background
China Fortune Land Development's primary business is building and operating industrial parks and related real estate.{{Cite book |last=Lan |first=Xiaohuan |title=How China Works: An Introduction to China's State-led Economic Development |publisher=Palgrave Macmillan |year=2024 |isbn=978-981-97-0079-0 |translator-last=Topp |translator-first=Gary |doi=10.1007/978-981-97-0080-6}}{{Rp|page=95}} Its significant projects include Gu'an High Tech Park in Hebei.{{Rp|page=95}} China's central government has designated Gu'an High Tech Park as a "National Demonstration Public Private Partnership Project".{{Rp|pages=96-97}}
As of May 2015, Wang Wenxue has an estimated net worth of US$4.1 billion.{{cite web|title=Wang Wenxue|url=https://www.forbes.com/profile/wang-wenxue/|website=Forbes|accessdate=11 May 2015}}
China Fortune Land Development was a constituent of the CSI 300 Index (index for large to medium-sized companies in the mainland China's stock exchanges) as well as its sub-index CSI 100 Index. Since June 2017, it also part of Shanghai Stock Exchange's blue chip index: SSE 50 Index.{{cite press release|url=http://www.sse.com.cn/market/sseindex/diclosure/c/c_20170531_4318582.shtml|script-title=zh:沪深300、上证50和中证500等指数2017年第一次定期调整样本股|date=31 May 2017|access-date=30 October 2017|publisher=Shanghai Stock Exchange|language=zh-cn}}
In 2017, Caixin Weekly described China Fortune Land Development as a "city maker" due to the scale of its projects.{{Rp|page=95}}
China Fortune Land Development in 2023 restructured 80% of its 219 billion yuan ($31.7 billion) debt through asset sales,{{cite web |website=Caixin Global |title=Cash-Strapped Chinese Developer Sells $1.8 Billion of Assets to State-Owned Rival|url=https://www.caixinglobal.com/2022-12-29/cash-strapped-chinese-developer-sells-18-billion-of-assets-to-state-owned-rival-101983348.html|date=December 29, 2022 }} restructuring offshore assets,{{cite web |website=Caixin Global |title= U.K. Court Clears Way for China Fortune Land’s Offshore Bond Restructuring
|url=https://www.caixinglobal.com/2023-01-27/uk-court-clears-way-for-china-fortune-lands-offshore-bond-restructuring-101992166.html|date=January 27, 2023 }} setting up a trust fund,{{cite web |website=ET Realty |title= China Fortune Land to set up $3.5 billion trust fund to help pay debt|url=https://realty.economictimes.indiatimes.com/news/international/china-fortune-land-to-set-up-3-5-billion-trust-fund-to-help-pay-debt/105149963|date=November 11, 2023 }} selling its real estate division{{cite web |website=ET Realty |title=China Fortune Land sells property units to CR Land in debt restructuring |url=https://realty.economictimes.indiatimes.com/news/industry/china-fortune-land-sells-property-units-to-cr-land-in-debt-restructuring/96588849|date=December 29, 2022 }} and started making a profit.{{cite web |website=Caixin Global |title= China Fortune Land Restructures Debt and Posts Profit
|url=https://www.caixinglobal.com/2023-05-03/china-fortune-land-restructures-debt-and-posts-profit-102041892.html|date=May 3, 2023}}
References
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External links
- {{Official website}}
{{Authority control}}
Category:Real estate companies of China
Category:Companies listed on the Shanghai Stock Exchange
Category:Companies in the CSI 100 Index
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