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Xingan county deputy head Liu Jianjun is said to be linked to Su Rong (pictured), former Jiangxi provincial governor and CPPCC vice-chairman. Photo: EPA

New | Chinese official borrowed 400 million yuan from banks and creditors to buy 248 properties

A former Jiangxi official jailed for life on multiple fraud charges earlier this year took huge loans from banks and creditors to buy a whopping 248 properties, mainland media reported.

Liu Jianjun, former deputy head of Xingan county near Jian city, put the money not only in real estate, but also invested heavily in financial and trading businesses, 21 Century Business Herald reported on Wednesday.

According to the testimonies of more than 20 usury creditors, Liu borrowed a total of 400 million yuan (HK$506 million) from them between 2009 and 2011 to buy an office building in Nanchang. At the time of his prosecution in May this year, he had yet to repay 190 million yuan of the debt, the creditors said.

Investigations showed that Liu and his operators owned 248 properties – all except four were mortgaged to banks and creditors. Judicial departments seized the properties after he was charged.

Liu is said to be linked to Su Rong, former Jiangxi provincial governor and vice-chairman of the Chinese People’s Political Consultative Conference, who has been detained under investigation on suspicion of violating party rules and state laws. The pair is part of a list of Jiangxi officials to be investigated or punished in this past year.

Liu, who was appointed Xingan county deputy head in July 2011, is also said to have close ties with Lei Ting, former director of the Nanchang hi-tech zone management committee.

Liu was taken for official investigation last September, and on May 22, the Nanchang Intermediate People’s Court found him guilty of multiple fraud including financial credentials and loan fraud.

He was sentenced to life imprisonment, stripped of his political rights and had all his personal properties confiscated. He did not appeal the conviction.

 

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