The Chinese financial group CEFC has mortgaged several of its properties, including the Slavia football stadium, the former Živnobanka building and the Le Palais Art Hotel Prague. Czech Radio reports that the group made the move in order as part of what’s described as an “enormous” transaction worth an alleged CZK 10bn. It’s unclear what CEFC needs the funds for. Its spokesman Pavel Bednář responded only that it was for ‘new projects’. “As part of its strategy, CEFC is refinancing a minority share of its assets with the goal of making its portfolio more efficient. Using external sources to finance new projects is an entirely standard instrument for investment groups around the world and in the Czech Republic,” he wrote. CEFC acquired the Slavia stadium last April for a price that was rumored (but never confirmed) to be around CZK 1bn.
