When the Rwanda Development Board (RDB) announced the temporary closure of Century Park Hotel & Residences on June 4, the regulator cited shortcomings related to food safety, hygiene, and operational procedures. Located in the leafy Nyarutarama area along the road to Kigali Golf Resort and Villas, Century Park has over the years been one of the most popular recreational facilities. The closure appeared to be a straightforward enforcement action against a hospitality establishment that had failed to meet requirements, but the property's recent history shows troubles that run much deeper than the findings of a single inspection. The closure is the latest development in a chain of events that began with the financial troubles of Chinese investor Billy Cheung, which led to the seizure of the property by BPR Bank, and culminated in the asset being placed under receivership. Billy Cheung's financial woes Century Park was among the flagship investments associated with Cheung, a Chinese businessman whose legal and financial troubles have unfolded across Rwanda and Uganda. Cheung is currently facing criminal proceedings in Rwanda on charges including fraud and money laundering. According to court proceedings, prosecutors allege that he owes creditors more than $51.6 million and defrauded hundreds of traders in Uganda through an unfinished market development project. In April 2025, Nyarugenge Intermediate Court upheld the remand order against him after finding reasonable grounds to continue investigations and determining that he presented a flight risk. He was sent to custody pending conclusion of investigations before the substantive trial could begin. The court also maintained that Rwandan courts have jurisdiction to hear the matter despite arguments from the defence that some of the alleged offences occurred outside the country’s jurisdiction. As legal proceedings continued, efforts to recover debts increasingly focused on assets linked to Cheung. Going inro receivership One of the assets caught up in Cheung's financial troubles was Century Park Hotel & Residences, a luxury mixed-use development in Kigali's Nyarutarama neighbourhood. Last year, BPR Bank exercised its rights under mortgage agreements after loan obligations linked to the property were not met by the borrower. The bank subsequently appointed PwC Rwanda as receiver and manager of Century Park. Under receivership, control of the property shifted from the owner to the receiver, whose role is to preserve the asset, protect creditors' interests and maximise value during the recovery process. In a public notice issued at the time, PwC stated that Century Park would continue operating under the receiver's management while stakeholders were engaged on the way forward. The firm also warned that no person could deal with the company's assets without prior approval from the receiver. The New Times learnt that while PwC Rwanda was appointed receiver, the assignment was supported by a specialised PwC team based in Nairobi, reflecting a practice commonly used in complex receivership and restructuring processes that require independent oversight. “Receivership assignments are often handled by teams drawn from outside the local market because independence is important. Using regional specialists helps minimise potential conflicts of interest while bringing together experience from similar restructuring and recovery cases,” a source familiar with the story told The New Times. Despite being under receivership, Century Park continued operating, hosting conferences, corporate events, accommodation guests and social gatherings as efforts were made to restore the property's commercial viability. The road to closure The New Times understands that questions have emerged over the sequence of events leading to the closure. Information we obtained indicates that officials at the property became aware of the closure through an online communication before a supervision visit had been conducted. Following the announcement, the establishment reportedly sought clarification from the relevant authorities, after which inspectors visited the property. It was during that inspection that concerns including improper preservation of food stored in refrigeration units, non-functioning CCTV cameras and several other operational shortcomings were identified. The closure has also had wider implications beyond the property itself. A source familiar with the story told The New Times that the suspension of operations affected an ecosystem of approximately 80 people or more who depend directly or indirectly on the establishment for their livelihoods. These include hotel staff, cleaners, security personnel, and workers involved in accommodation and food service operations, as well as suppliers of dairy products, fruits, vegetables, meat and other goods used by the hotel. What hoteliers' associations says Nsengiyumva Barakabuye, Chairman of the Rwanda Hospitality Association (RHA), said that while the case has attracted significant public attention because of Century Park's visibility and strategic location, receivership itself is not uncommon in the hospitality industry. “Receivership is an intermediate mechanism designed to rescue or remediate short-term challenges related to operational or financial pressures. Being under receivership does not necessarily mean the underlying asset lacks value or potential,” he said. He noted that the Century Park case illustrates an important lesson: a successful hotel operation and a successful investment structure are not always the same thing. A property may have strong tourism potential while still facing financing challenges linked to debt servicing, ownership disputes, project delays or broader investor-related issues,” he noted. Beyond Century Park, Barakabuye said the case highlights broader lessons for Rwanda's growing tourism and hospitality sector. He pointed to risks that can arise when large-scale developments rely heavily on debt financing or when repayment schedules fail to align with the time required for hotels to reach stable occupancy and profitability. He argued that hospitality projects should be evaluated not only on the quality of their facilities but also on the strength of their governance structures, financing arrangements and long-term business models. While the Century Park case may prompt lenders and investors to apply greater scrutiny to future tourism projects, Barakabuye does not believe it will undermine confidence in Rwanda as an investment destination. “Investors are often less concerned that problems occur than they are about how institutions respond when problems arise. If managed well, processes such as receivership can demonstrate transparency, legal certainty and protection of creditor and investor rights,” he said.
