BEIJING (AP) — The Chinese government said Friday it is investigating possible tax evasion by a subsidiary of high-profile real estate developer SOHO China Ltd., the target of an aborted takeover attempt this year by Blackstone Group.
The announcement comes amid a flurry of anti-monopoly and other enforcement actions against internet and other private companies as the ruling Communist Party tightens control over the economy.
The Beijing Municipal Taxation Bureau said in a one-sentence statement that the investigation was prompted by a report of possible tax evasion by Beijing Jianhua Land Co. It gave no details.
The usually secretive Chinese government has increasingly announced investigations of companies and prominent individuals without waiting for the outcome as it steps up enforcement of tax and other laws and pressures entrepreneurs to align their activities with the ruling party's development plans.
Blackstone dropped a $3 billion bid in September to buy most of SOHO China, which is known for its futuristic-looking office buildings and shopping malls in Beijing and Shanghai. Blackstone cited “lack of sufficient progress” by Chinese regulators in reviewing the deal announced in June.
SOHO China, founded in 1995, is controlled by Zhang Xin, one of China's best-known businesswomen, and her husband, Pan Shiyi.
The company says it has built 54 million square feet (5 million square meters) of projects.
Before you make your next trade, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis.
Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and none of the big name stocks were on the list.
They believe these five stocks are the five best companies for investors to buy now...
See The Five Stocks Here
Nuclear energy stocks are roaring. It's the hottest energy sector of the year. Cameco Corp, Paladin Energy, and BWX Technologies were all up more than 40% in 2024. The biggest market moves could still be ahead of us, and there are seven nuclear energy stocks that could rise much higher in the next several months. To unlock these tickers, enter your email address below.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.