Property tycoon to appear in court

By Li Xinran | February 28, 2009, Saturday |

Print Edition

A SHANGHAI real estate tycoon is expected to go on trial at Shanghai No. 1 Intermediate People's Court next month for allegedly embezzling 161 million yuan (US$23.54 million) worth of state-owned assets.

Qin Jinlong, 78, former president and legal representative of Shanghai Zhongxiang (Group) Co, previously a state-owned enterprise, was prosecuted for illegally occupying more than 200 hectares of land, together with Ding Beili, former chief financial officer of Zhongxiang, and Zhang Yong, the company's former Party secretary.

Qin was appointed general manager and legal representative of Shanghai County Real Estate Corp in 1992. It was privatized to become the Zhongxiang Group on April 27, 2001.

The company was approved to take 169 hectares of land in Pudong's Sanlin area in December 1992. It planned to develop the land with another developer in 1993, but the construction was suspended due to a lack of funds.

In 1996, Pudong New Area's land authorities demanded Zhongxiang resume development. However, from then it instead applied for extensions to the agreement.

In an audit in 1999, Qin hid the extension application paperwork so the land was unlisted as the company's during privatization, prosecutors said. Qin later sold the land for an illegal profit. He is also alleged to have embezzled state-owned assets with Ding and Zhang, prosecutors said.

Economy

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Property tycoon to appear in court

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