China News  
SINO DAILY
China web users take aim at property clampdown
 by Staff Writers
 Shanghai (AFP) June 11, 2017


Fugitive Chinese billionaire faces charges in New York
Washington (AFP) June 12, 2017 - A Chinese billionaire who made allegations of high-level corruption against Communist Party officials in his homeland and is wanted by authorities in Beijing is facing a lawsuit in New York where he now lives, lawyers said Monday.

Guo Wengui, a real estate tycoon who lives in a luxury Fifth Avenue apartment overlooking Manhattan's Central Park, is being sued by nine creditors for $50 million over outstanding debts, their attorney Kevin Tung told AFP.

They accuse Guo of using complex financial mechanisms to siphon capital from two investment funds, Zenith and Pangu -- in which he held a majority stake -- outside of China.

"Having tried unsuccessfully to seek redress in China, the plaintiffs have turned to New York, where Mr Guo is the owner, either directly or indirectly, of sizeable assets, in order to demand reparations for losses incurred in China," said Tung.

Guo, who left China two years ago, is often presented as "China's most-wanted man."

His accusations have been a thorn in the side of the Communist Party as it prepares for its 19th Congress this coming fall, in which President Xi Jinping -- who launched a much-publicized anti-graft campaign in 2012 -- seeks re-election to another five-year term.

The fugitive billionaire has threatened to release incriminating information about top Chinese officials at a livestreamed press conference coinciding with the leadership gathering.

In particular, Guo said he has details of alleged "overseas transactions" by the family of Wang Qishan, Beijing's all-powerful anti-corruption czar.

On Friday, three executives at the Beijing Pangu Investment fund, which is linked to Guo, confessed to fraud involving 3.2 billion yuan ($470 million) in bank loans at a trial in the northeastern Chinese port city of Dalian.

Guo, who was the main shareholder in the fund, left China in 2015. According to Chinese media reports, he is also accused of paying 60 million yuan ($8.8 million) to disgraced former state security vice-minister Ma Jian.

He is the target of an Interpol "red notice," a non-binding arrest warrant issued by the international policing agency.

The billionaire once again rejected the charges against him on Friday in a message to AFP, in which he wrote, "Of course this isn't true."

"It's very very complicated. It's hard to explain in a few words."

Chinese social media users on Sunday angrily criticised a Shanghai government crackdown on unauthorised real estate activity after images emerged online showing an apparent protest in the city over the restrictions.

Pictures and video have circulated showing hundreds of people engaged in a tense stand-off with police, said to have taken place late Saturday night in a busy central Shanghai shopping district.

AFP was not able to confirm the online accounts of the demonstration or obtain comment from the city government.

But authorities in the city, China's financial hub, have stoked anger among investors and homeowners with a new campaign launched last month to rein in the use of commercial-zoned real estate for residential purposes.

Videos posted online showed a noisy crowd in excess of 1,000 people confronted by police, who had erected cordons to block their march on busy Nanjing East Road.

At least two people were seen being roughly dragged away by police.

"An oppressive government drives the people to rebellion. The poor masses!" said one of many outraged postings on Weibo, China's tightly controlled answer to Twitter.

"Once again, the government is doing things without considering the stance of the masses," said another.

Others accused censors of deleting their posts about the incident to whitewash it.

"Weibo's staff are so efficient! The videos from Nanjing East Road have all been rendered harmonious," said a Weibo post in a dig at the ruling Communist Party, which frequently cites maintenance of social "harmony" as justification for snuffing out public protests.

The central government has taken a number of measures to cool down red-hot real estate markets amid fears of a potential crash that could affect the broader economy, which is already slowing.

There has been a wave of commercial land being developed for residential purposes, a strategy that has thrived due to ambiguities in regulations.

But authorities launched a sudden crackdown, imperilling real estate projects that had been allowed to proceed, angering homeowners, developers and investors.

SINO DAILY
Chinese firm tied to Communist Party critic stands trial
 Beijing (AFP) June 9, 2017
 Three executives of a Chinese investment firm linked to outspoken Communist Party critic Guo Wengui confessed to fraud on Friday, as the billionaire property tycoon lobs corruption allegations at high-level officials from abroad. Appearing in Dalian Xigang People's Court in northeastern Liaoning province, the defendants - Lu Tao, Xie Honglin and Yang Ying - admitted to fraud involving 3.2 ... read more
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