A large state-owned company in Guangzhou paid 26.3 million yuan (HK$24.7 million) to buy luxury apartments for 23 of its senior executives, a local newspaper reported yesterday.
According to the Southern Metropolis News, the Guangzhou Light Industry Export Group justified the purchases on the grounds that the new homes were 'awards' for the executives' contributions to the company.
Tan Kangpai, director of Guangzhou Light Industry's General Office, confirmed the purchases yesterday.
'We gave careful consideration to the purchases and believed that they were justified,' he said. But Mr Tan added that company executives were in a meeting to review the decision.
'We won't have an official reply until after the meeting is finished later today or tomorrow.'
Asked if the meeting had been called in response to the revelations in the Southern Metropolis News, Mr Tan replied: 'You could say that. Yes.'
A group of disgruntled employees sent a letter to the newspaper complaining of the purchases, which they alleged violated regulations that are supposed to govern the purchase and allocation of residential apartments by state companies.
