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December 25, 2010

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Real estate chief jailed for fraud

A FORMER general manager of a real estate firm was sentenced to 11 years in prison for fraud yesterday.

The Shanghai No.2 Intermediate People's Court heard that Li Zhihong, former general manager of the Changjiang Haoyuan Real Estate Co, embezzled public funds of 1.87 million yuan (US$282,200)alone, and 1.47 million yuan with an accomplice. Li was also fined 800,000 yuan, prosecutors said.


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