One Heritage responds to speculation following China arrests

The developer said its UK schemes, including a 129-apartment project in Manchester, are “unaffected” by events in China, where two directors of the company’s Hong Kong-based majority shareholder are understood to have been detained by the police.

According to sources with knowledge of the situation, two individuals linked to the One Heritage group of companies have been arrested but have not been charged.

It is understood that the allegations relate to the improper use of investor deposits paid to a company called One Heritage Trust.

The trust is described as “a company connected” with One Heritage Group’s majority shareholder – One Heritage Property Development – but not part of the same group as the UK-based developer.

One Heritage Group, which is listed on the London Stock Exchange, has released a statement to the market reassuring investors that what is going on in China has no bearing on its UK development projects.

Scroll down to read the statement in full 

“It is important to clarify that any allegations and suspicion is specific to China and affects China-based investors”, according to One Heritage Group.

“One Heritage Property Development, so far as the directors are aware, is not implicated in the allegations,” the statement reads.

One Heritage Group’s current schemes include the 129-flat Victoria House in Manchester and its 55-storey eponymous tower in Salford.

Full statement from

One Heritage Group PLC (“the Company” or “OHG”), the UK-based residential developer, development manager, and property manager focused on the North of England, notes the speculation with respect to a company connected with OHG’s majority shareholder, One Heritage Property Development Limited, namely One Heritage Trust Limited.

On the evening of 25th April, the directors of the Company became aware of allegations regarding two directors and ultimate beneficial owners of its Hong Kong based majority shareholder, One Heritage Property Development Limited, and business related to One Heritage Trust Limited. It is important to clarify that any allegations and suspicion is specific to China and affects China-based investors. One Heritage Property Development Limited, the Group’s majority shareholder which owns 65.3%, based in Hong Kong, so far as the directors are aware, is not implicated in the allegations. It should be noted that One Heritage Trust Limited is not part of the Company’s group.

It is important to note that OHG has a shareholder facility of up to £14 million, which, at OHG’s discretion, is not due for repayment to One Heritage Property Development Limited until December 2028.

OHG operates independently of One Heritage Property Development Limited and its other businesses and is conducting business as usual. We want to reassure our stakeholders and investors that our operations remain unaffected by any of these allegations or speculation.