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China: Man being investigated for owning 149 houses and properties valued about USD 16 million

Xu Linbao At The People’s Procuratorate Of High-tech District In Nanchang City, Is Alleged To Own 149 Housing And A Large Number Of Properties Units Valued About USD 16 Million In A City In Southeastern Jiangxi Province.

PTI | Updated on: 04 Nov 2016, 01:55:47 PM
China: Man being investigated for owning 149 houses and properties (Representational Image: Getty)

China:

Chinese worker, Xu Linbao at the People’s Procuratorate of High-tech District in Nanchang City, is alleged to own 149 housing and a large number of properties units valued about USD 16 million in a city in southeastern Jiangxi province.

According to Procuratorate, Xu and his family purchased the houses from 1995 to 2015 at a cost of more than 110 million yuan (USD 16 million).Xu is believed to own more than 300 properties in Nanchang.

Xu still owes loans of more than 96 million yuan to local banks. He was suspended from his post in October, state-run Xinhua news agency reported.According to an initial investigation, Xu is suspected of fraudulent fund-raising with his son-in-law Long Yuewu, who was arrested for suspected credit card fraud in October.Procurators have passed information about the case over to local police. 

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First Published : 04 Nov 2016, 01:36:00 PM

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