Media reports claim that the Chinese conglomerate CEFC is in negotiations to sell off its holdings in the Czech Republic for CZK 21.8bn, 44 percent less than the properties were valued at in May. The buyer is CITIC, owned by the Chinese ministry of finance, which already controls 49 percent of CEFC. The South China Morning Post writes that CEFC owns shares in Czech companies such as Pivovary Lobkowicz, the Slavia football team and the Travel Service airline. It also owns buildings such as Millennium and the former Živnobanka headquarters. CEFC investments were courted by Czech politicians, especially president Milos Zeman, who predicted billions of euro in investments would follow. But the company’s activities sparked the suspicions of Chinese regulators whose investigations eventually led to its collapse and takeover by CEFC.
