Recently, the news of “Pan Jun, chairman of Fantasia Group, lost contact and was invited to the police station” was shared online in China. Zeng Bao Bao, the founder of Fantasia, is backed by her uncle Zeng Qinghong, a high-ranking CCP official. Some analysts believe that after Jiang Zemin’s death, Xi Jinping will carry out a power purge and economic confiscation of the remnants of Jiang’s faction, including Zeng Qinghong.
On December 8, the Chinese website Zhihu published an article titled “Will Fantasia leave the real estate industry?” The report reveals news mainly related to three aspects, introducing Fantasia from its prime to its downfall days. The article read: “Fantasia, while at its peak, can be described as capable of employing any personnel and having any projects. Very brilliant. After the storm, the once great Fantasia has changed. More interestingly, Pan Jun, Chairman of Fantasia Group, was rumoured to have lost contact after being invited to the police station. Those who are interested can find out for themselves.”
Fantasia’s sudden storm
In the past year, Fantasia Holdings Group has become the focus of public opinion due to default, creditors requesting liquidation, and other incidents.
On October 4, 2021, Fantasia announced, “The payment of $205,656 million in bonds due on October 4 has failed.” At the same time, rating agency Fitch downgraded Fantasia’s rating by four places, from “B to CCC-” and warned of the instability of the company’s financials. Fitch estimates that by the end of 2022, Fantasia will have to repay nearly $2 billion in international bonds and almost $1 billion in local market bonds.
After the storm, Fantasia began scaling back its strategy across the country, laying off staff and cutting wages.
According to the article, in addition to closing the northern region of China, Fantasia has also closed its activities in the eastern and central regions of China. Only a handful of projects remain in the Southwest and Greater Bay Area. Many senior managers left in last year’s and this year’s second half. In the future, it is unknown if Fantasia will still be in the real estate industry.
In addition, the article reports that Xu Guodong, chairman of the group’s urban development and operating company, has resigned. Currently, the above information has not been confirmed.
In addition, the Mainland’s official media “Securities Daily” reported on May 21 that “Fantasia has sold assets worth more than $654 million (4.56 billion yuan); the road to self-help is arduous.” Fantasia has been listed in Hong Kong since 2009 and is now “heavily in debt” from the time of “infinite brilliance” then to “dark times,” which took less than 13 years.
In December 2021, Huo Yong, regional president of Fantasia North China, resigned and his farewell letter titled “No party is never-ending” went viral on the Internet.
Zeng Qinghong backs Fantasia
Fantasia was founded in 1996 by Zeng Bao Bao, the niece of Zeng Qinghong, former vice president and former member of the Politburo Standing Committee of the CCP Central Committee. The company mainly develops real estate projects in Shenzhen and Chengdu. It’s registered in the Cayman Islands, and its head office is in Shenzhen. Fantasia was listed in Hong Kong in 2009, and Zeng Bao Bao is the chief executive officer and major shareholder.
As is well known, Zeng Qinghong is the “number two” in Jiang Zemin’s faction. Bao Bao’s father, Zeng Qinghuai, relies on his brother’s power, who has resided in Hong Kong as a special inspector of the Ministry of Culture of China since the mid-1990s and became the representative of Zeng Qinghong in Hong Kong. The influence of the Zeng Qinghong family has spread deeply throughout the country and even in Hong Kong, within both political and business circles.
After Jiang Zemin’s death, Xi and Zeng are in a fierce confrontation
On November 30, the CCP officially announced the death of Jiang Zemin and mentioned in the announcement that it would not hold a farewell ceremony. However, on the morning of November 5, Xi Jinping’s regime “changed their mind” and had a ceremony to see off Jiang’s body, which was then cremated, and the ashes were scattered in the sea at the mouth of the Yangtze River.
What happened before and after this incident? Whether there is a maneuver between Jiang’s faction and Xi’s regime behind the scenes has sparked speculation from outside.
According to Professor Yuan Hongbing, a famous jurist living in Australia, recently told Vision Times that Xi Jinping held a national funeral for Jiang Zemin with the ultimate ritual because Zeng Qinghong and the Jiang family forced them. However, due to the “white paper revolution outbreak,” Xi Jinping could not help but choose to improvise.
Professor Yuan Hongbing predicts that after Jiang’s death, Zeng Qinghong arranged for staff to write the eulogy and hand it over to the Xi regime in the name of Wang Yeping and Jiang Mianheng (wife and son of Jiang Zemin, respectively). In his eulogy, Zeng Qinghong highly praised Jiang, rated him extremely high, and hailed him as equal to Deng Xiaoping. Jiang’s family also stated that if Xi did not hold the funeral according to the contents of the eulogy, the Jiang family would organize the funeral themselves.
Professor Yuan Hongbing said that Beijing officials generally predict that after the crisis of the white paper revolution, Xi Jinping will use the name anti-corruption to consolidate his power. Economic confiscation against Jiang Zemin’s family and remnants, including Zeng Qinghong, is sure to be at the forefront.
Whether Pan Jun, President of Fantasia, who is rumored to have been summoned by the police at this time related to this or not, let’s wait and see.