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Indebted Boss Hu Fulin Back to Wenzhou for Center Group Reorganization

indebted boss hu fulin back to wenzhou for center group reorganization

This morning, the journalist confirmed from relevant sources in Ouhai District of Wenzhou, where Zhejiang Center Group is located, that Hu Fulin, the biggest indebted Wenzhou boss fleeing, also chairman of Zheijang Center Group Co., Ltd., had returned last night to talk about the reorganization of his group.

According to relevant reports, Hu, the 47-year-old spectacle king, fled to U.S. on September 20 because the capital chain of his company broke down. It is rumored that Hu has owed a debt of 2 billion Yuan, including 800 million Yuan’s bank loans and 1.2 billion Yuan’s private high-interest-rate loans, and that the total monthly interest cost of these loans has reached as high as 20 million Yuan. It is said that Hu’s fleeing has brought great impacts and chain reactions. At present, the doors of Zhejiang Center Group are shut down, the whole plant quiet and still, with a few guards staying there. Every door is attached with a white seal and the wall has a notice from relevant authority saying Zhejiang Center Group has applied for bankruptcy and measures regarding worker issues are declared.

It is said that several spectacle makers in Wenzhou, coordinated by relevant authorities and associations, are preparing a joint acquisition of Center Group. Hu’s returning is expected to accelerate the reorganization. Established in 1993 with more than 3,000 employees, Center Group is a leading company of Wenzhou’s optical industry. Its Dolphin brand is the best selling sunglasses brand in China. However, besides its main business in optical, Center Group in recent years has also set foot on solar PV and real estate etc. It is told that the breakdown of the company’s fund chain resulted from aggressive investments amid tight credit.

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