Banker accused of massive China real-estate fraud

Feb 5, 2013 Full story: WTOP-FM Washington 6

As a bank officer from a poor region in rural China, Gong Ai'ai is an unlikely property baron.

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Richmond, Canada

#1 Feb 5, 2013
This is good news... I always maintained that when the central government started to clamp down on the Real Estate Market...

the greedy developers, and speculators, would be the ones most hurt...

but then you knew a fight was on hand... when the developers were balking at making affordable housing

and preferring luxury housing... because there was more money in it

Surrey, Canada

#3 Feb 6, 2013
Yes, the EXPOSURE of the UNBELIEVABLE LEVELS OF CORRUPTION of VIRTUALLY ALL "CCP Officials" and police, and the MASSIVE THEFTS of the Chinese Communist Party Landlord Master Class as well as their UNBELIEVABLE ARROGANCE is the BEST ARGUMENT for DEMOCRATIC and ACCOUNTABLE GOVERNMENT IN CHINA, yessiree!

"This "goes to show how state resources and public trust and authority have been excessively abused by those people," said Yang Fengchun, a professor of government and management at Peking University. "They behave as if the country were at their beck and call. Whatever they want, they get it.""

Surrey, Canada

#4 Feb 6, 2013
"A senior urban management official in the southern city of Guangzhou and his family had 21 properties. In the northeastern province of Heilongjiang, a political commissar of an anti-corruption bureau and his ex-wife had 19. In central Henan province, a housing director and his children bought 25 properties."

Surrey, Canada

#5 Feb 6, 2013
"Gong's ability to get the fake identity cards is central to the popular interest, suggesting corruption among the police who issue the cards. Authorities have already detained four police officers on suspicion of helping Gong obtain the fake IDs, the Ministry of Public Security said.

Fake IDs can help hide income and business activities and circumvent rules in Beijing and other cities that limit the number of houses and apartments someone can buy to prevent speculation and tamp down prices.

Multiple IDs give a person access to benefits others are deprived of, said Yang Xuedong, a researcher at the Central Bureau of Compilation and Translation, a Communist Party think-tank.

"It allows some people to become privileged citizens, enjoying double benefits in property purchase, loans, education, child birthing and social welfare. It also provides convenience for some officials to hide assets and even abscond overseas," "

“Free Speech in a Free World ”

Since: May 10


#6 Feb 6, 2013
Back in nineteen eighty the population was so much different that they all wore the same costume and China looked nothing like it is today.

Surrey, Canada

#7 Feb 6, 2013
Yes, China used to be just as horrible a place as the DPRK is today.

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