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April 7, 2010

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Once-rich monk gets apartment in lawsuit

A MILLIONAIRE-turned-monk has been awarded the ownership of an apartment over his ex-wife, Yangpu District People's Court said yesterday.

The man surnamed Li said he will sell the apartment, with an estimated value of more than 2 million yuan (US$292,826), after getting the property-right certificate and will donate all the money to Buddhism.

Li, 55, and his ex-wife surnamed Qin, both Canadian nationals, created a business together when young. By 40, Li was rich, his assets including 18 apartments in Canada and China. But the wealth spurred Li, a Buddhist, to become a monk.

He divorced Qin in 1998 and left their three daughters in her care, eventually becoming a monk in Myanmar. The two divided their 18 apartments: seven to the daughters, seven to Qin and four to Li.

The property certificate of a pre-sold apartment on Huangxing Road, one of the four distributed to Li, wasn't issued at that time. The two agreed that Qin, whose name was on the real estate papers, would transfer the property right to Li, but she dragged her feet, the court heard.

Li finally sued.


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