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Corrupt property tycoon jailed for life

By Jane Chen | March 22, 2010, Monday | Online Edition

A BEIJING property tycoon has been jailed for life after defrauding 600 million yuan (US$87.89 million) of mortgage loans and squandering most of the money on luxury cars, gambling and apartments.

Two officials of the bank that issued the loans have also been jailed for 19 and 20 years respectively for concealing the truth after learning they were cheated, resulting in a loss of 156 million yuan for the bank, today's Beijing News reported.

Xie Genrong, legal representative of Beijing Yanshan Walson Enterprise Group, mobilized its staff to raise funds after winning a new housing development project in September 2000, the report said.

He organized the workers and their friends to create 555 mortgage contracts valued at 663 million yuan and handed over the loans to the company, which then repaid the loans.

However, the property was forced to suspend construction in 2003 due to lack of money, the report said.

Xie squandered most of the loans on personal consumption, the group's vice president surnamed Wu told the court.

He paid some million yuan to rent an office in the Diaoyutai State Guesthouse and paid 13 million yuan for three apartments. He also bought luxury sedans, including three Mercedes-Benz, and lost 12 million yuan gambling in Macau.


Yan Linzhuang, former governor of China Construction Bank's Economic and Technology Development Zone unit in Beijing, and Zhao Feng, the unit's vice governor, discovered that Xie was falsifying the loans.

But they decided to conceal the truth because they feared they would use their jobs, so asked branches to help Xie's group repay the loans and sent staff to create false accounting books, the court heard.
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