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  • August 29, 2014
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  1. Pudong bank probes 400m yuan loans to single borrower

    Posted Jun 08th 2006, 12:00am by Mark O'Neill

    ... Mark O'Neill in Shanghai Auditors uncover alleged fraud in 91 transactions involving the purchase of Shanghai luxury properties Shanghai Pudong Development Bank has launched an investigation into an alleged 400 million yuan loan fraud involving the purchase of properties in Shanghai. Official reports released yesterday said the bank, Citigroup's partner in Shanghai, ...

  2. Rail link's saga of waste and fraud goes on

    Posted Mar 20th 2012, 12:00am

    ... Will Clem in Shanghai william.clem@scmp.com Evidence of yet more fraud, waste, mismanagement and irregular accounting and procurement worth billions of yuan was uncovered in the construction and running of the Beijing-Shanghai high-speed railway, according to a report by the National Audit Office yesterday. Irregularities included 491 million yuan (HK$600 million) ...

  3. State banks cut rates for first-home buyers

    Posted Mar 14th 2012, 12:00am

    ... George Chen in Shanghai george.chen@scmp.com The mainland's big state banks and their smaller rivals in Shanghai have rapidly revived efforts to attract local mortgage clients, offering first-home buyers discount rates much lower than last year's industry average. The move comes at the same time as cashed-up Shanghai locals use a loophole in the mortgage approval ...

  4. Property - Hong Kong & China - MAINLAND

    H7N9 bird flu not behind slowing Shanghai home sales, agents say

    Posted Apr 10th 2013, 12:00am by Sandy Li

    ... than 98,000 poultry, and all live poultry markets have been shut. But Lau said a decline in home sales in Shanghai was more likely the result of the recent tightening of mortgage loan ... unveiled further property controls last week after being directed by the central government in March to calm real estate markets. The controls include strict checks on mortgage qualifications ...

  5. Boom may turn to bust as 'mortgage slaves' take action

    Posted May 15th 2006, 12:00am by Mark O'Neill

    ... years to protest against prices that have become unbearable. 'Are we to become mortgage slaves for the rest of our lives,' Mr Zou wrote. Within three days, 4,000 had signed up to his ... where the prices are highest cannot afford to buy new homes. The word Mr Zou used- mortgage slave (fangnu)- has entered the popular vocabulary. It means spending more than 50 per cent of our ...

  6. Bank mortgages can be a problem

    Posted Dec 19th 2004, 12:00am by Chris Oliver

    ... upgraded fairly recently, requiring only superficial work. Buyers should be aware banks are rolling back mortgage ratios after steep price appreciation in recent years, while some refuse to lend against older buildings altogether. Those that do provide mortgages are believed to offer financing of up to 50 per cent of the purchase price, for both local and foreign buyers. In general, owing ...

  7. Shanghai's former Formula One boss goes on trial for fraud

    Posted Sep 19th 2007, 12:00am by Bill Savadove

    ... Bill Savadove in Shanghai Courts have held the trials of two officials involved in a massive Shanghai corruption case - a land official and the former boss of Formula One racing in China, Yu Zhifei . Yu, general manager of Shanghai International Circuit M ...

  8. Follow home loan rules, Shanghai warns banks

    Posted Jul 20th 2009, 12:00am by Staff Reporter

    ... to local lenders, asking them to strictly review mortgage applications to ward off potential defaults. Shanghai followed Guangzhou and Shenzhen in curbing the property buying euphoria displayed ... to secure more loans to fund house buying, betting on further gains in home prices. Shanghai banks' total mortgage loans in the first half of this year hit 29.3 billion yuan (HK$33.3 billion), ...

  9. Shanghai Electric probes fraud claim

    Posted Aug 08th 2006, 12:00am by Carol Chan

    ... Eric Ng and Carol Chan Power equipment maker investigates allegations of fund misappropriation Shanghai Electric Group, one of China's largest maker of power generation equipment, is investigating allegations that one of its executive directors has m ...

  10. Prosecution considered over computer-chip fraud

    Posted May 14th 2006, 12:00am by Bill Savadove

    ... for a major fraud case involving pirated computer chips. Yang Xiong, vice-mayor of Shanghai municipality, whose portfolio includes information technology, also said the city would continue to develop ... added. Rampant piracy is a major complaint of China's major trading partners, including the US and EU. The mainland has also been rocked by revelations over academic fraud in recent months. ...




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