UNITE HERE has released a new report calling on the Chinese government to extend its investigation of former China Huarong Asset Management chairman Lai Xiaomin to include real estate company Fantasia Holdings.
The report describes the interlocking relationship between Fantasia Holdings and HKBridge (formerly Topsearch International), and the latter’s multiple connections with Huarong and troubled metals company Ningxia Tianyuan Manganese Industry Group. Ningxia Tianyuan was reportedly integral to the conduct being investigated by the Chinese government.
The report urges the Chinese government to thoroughly investigate the connections between Huarong and Fantasia, even though Fantasia has powerful political connections. Zeng Jie, controlling shareholder of Fantasia, is the niece of former Vice President of China Zeng Qinghong.
Both Fantasia and Huarong are controlling stakeholders in Marriott hotels in China. In 2012, Fantasia signed a strategic alliance memorandum with Starwood, which subsequently merged with Marriott.