Time running out for lottery millionaire
By Dong Zhen |
August 22, 2011, Monday
|
Print Edition
Print Edition
THE lottery authority says a mystery winner has less than 40 days to claim his 514 million yuan (US$80.43 million), China's biggest lottery prize.
China Welfare Lottery management yesterday said lottery law gives winners 60 days from the time the prize is announced to complete legal procedures and pick up the money.
Some Chinese media have been calling the buyer of the lucrative tickets "the most cool-minded lottery winner in history." No previous winners of huge lottery prizes have waited so long before claiming the money.
The lottery authority said the winner bought the tickets in Zhejiang Province. The draw was on July 26.
The mystery winner is entitled to a tax-deducted 411.2 million yuan.
One lottery fan wrote online: "It means the winner is losing about 5,700 yuan of interest each day if the money is deposited in a bank, so about 100,000 yuan has already been lost in the past 26 days."
About 90 percent of China's big lottery winners have collected their money within 10 days of the draw.
China's previous biggest lottery winner was from Henan Province. He did not claim his 359 million yuan until 19 days after the draw.
During the history of this particular lottery - called "double-colored balls" - 95 winners had won prizes above 10 million yuan, including two who won over 100 million yuan each.
China Welfare Lottery management yesterday said lottery law gives winners 60 days from the time the prize is announced to complete legal procedures and pick up the money.
Some Chinese media have been calling the buyer of the lucrative tickets "the most cool-minded lottery winner in history." No previous winners of huge lottery prizes have waited so long before claiming the money.
The lottery authority said the winner bought the tickets in Zhejiang Province. The draw was on July 26.
The mystery winner is entitled to a tax-deducted 411.2 million yuan.
One lottery fan wrote online: "It means the winner is losing about 5,700 yuan of interest each day if the money is deposited in a bank, so about 100,000 yuan has already been lost in the past 26 days."
About 90 percent of China's big lottery winners have collected their money within 10 days of the draw.
China's previous biggest lottery winner was from Henan Province. He did not claim his 359 million yuan until 19 days after the draw.
During the history of this particular lottery - called "double-colored balls" - 95 winners had won prizes above 10 million yuan, including two who won over 100 million yuan each.
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