On August 29th, the live broadcast of “Fay Fay Show” revealed that the bagman of the Chinese Communist Party (CCP) Kleptocrats, Zhang Songqiao’s (Cheung Chung-kiu) company operating income still failed to cover the interest on the bond it issued through its shell subsidiary, despite getting tax subsidies from the government.
Zhang Songqiao, also known as Cheung Chung-kiu, is a bagman of the Chinese Communist Party (CCP) Kleptocrats. (Photo Resource: yemacaijing.com)
CC Land Holdings Limited, owned by Cheung Chung-kiu’, reported a loss of HK$93 million in pre-tax income in 2021. CC Land’s after-tax operating income for the year turn into more than 49 million Hong Kong dollars, which is equal to 6.37 million US dollars, after obtaining the government’s 580 million tax subsidies.
Additionally, CC Land has guaranteed a $300 million debt issuance for a wholly-owned shell subsidiary which is controlled by it. Based on the annual interest rate of 5.2%, the yearly interest payment would be $15.6 million, which implies that CC Land’s total operational income of $6.37 million could cover only one-third of the debt interest. This demonstrates that Cheung Chung-kiu’s unusual ability to play sly tricks and perpetrate frauds.
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