The controversial shopping center in Unicity mall, China Square Limited has in the recent days hit the headlines for its low prices and alleged unfair competition.
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According to critics, the one-stop retailer sells a variety of goods imported from China at relatively cheaper rates compared to local retailers.
The mall has also attracted the attention of Trade and Investment Cabinet Secretary Moses Kuria, who recently threatened to shut it down claiming it is hurting local businesses.
As heated debate on who owns the multi-billion business enterprise, fresh Details have emerged over the pioneers of China Square.
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Lei Cheng 1% , Fujian Festar Holding Limited 99%.
According to a publication by NTV, Lei Cheng, who was previously believed to be the sole owner of the shopping store, actually owns only one percent of the property.
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The company registry (CR12) documents, shows the remaining 99 percent of the store is owned by Fujian Festar Holding Limited. The company has two directors: Lian Feng, who owns 60 percent, and Chen Xiuhua, who owns 40 percent.
Both directors are Chinese nationals.
Source familiar with company registrations intimate that Fujian is a Kenyan-registered company, and the company, rather than the individual, is regarded as the director of China Square.
The two registered the company in Kenya on July 25, 2022.
China Square Limited, on the other hand, was registered almost a month later, on August 19, 2022.
Despite speculation, this casts doubt on the company’s ties to a Kenyan.
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