# real estate ties

Exhibition Mogul’s Baijiu Gamble Unravels as 132m‑Yuan Tax Bill Exposes Fragile Empire

Hengchang, the baijiu venture of exhibition magnate Deng Hong, has been hit with 132 million yuan in tax arrears amid collapsing prices, channel breakdowns and excess inventory. The case exposes larger vulnerabilities in China’s premium sauce‑flavour liquor boom, where heavy marketing, property ties and leverage masked weak consumer fundamentals.