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Cedar Holdings Group
Chinese holding company From Wikipedia, the free encyclopedia
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The Cedar Holdings Group (Chinese: 雪松控股) is a Chinese holding company active in six business sectors:
- Gongtongyun Supply Chain Group
- Chemical Industry Group
- Cedar Culture & Tourism Group
- King vision Group
- Community Ecological Operation Group
- Financial Services Group
Cedar also controls two A-share listed companies: Qixiang Tengda and Sinoer.[3][4]
Cedar Holdings was founded in 1997. In 2019 it had assets of 221 billion yuan.[5] Headquartered in Guangzhou, it also has offices in Hong Kong, Singapore, Switzerland, Germany, France and the United States.[6]
In 2020, Cedar bought the British steel firm Stemcor for $150 million.[7][8]
Cedar was ranked 359th in the Fortune Global 500 for 2021,[2] and on a list of China's top 500 Private Enterprises.[2][9]
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Controversies
In February 2022 Cedar missed interest payments of 20 billion yuan (US$3.15 billion) owed to clients, casting doubt on the soundness of the business;[10][11] The Nikkei described it as being built on a "shell game," reporting that "Most of the goods traded by Cedar did not belong to Cedar, a person with knowledge of the matter said. The goods in warehouses belonged to state companies that sold them to Cedar and then bought them back after multiple rounds of transactions […] All transactions took place only on paper as the ownership of goods changed hands […] The goods could be sold hundreds of times in days without leaving a warehouse, boosting sales figures for the companies involved."[12][13]
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References
External links
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