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Daily Estate News » Blog Archive » Social fund spent on real estate

Social fund spent on real estate

It is a little sad to learn that over 20.1 Billion of the nearly 33 Billion yuan ($4.68 billion) of the nearly 33 billion yuan ($4.68 billion) embezzled from Shanghai’s social security fund was invested in the real estate sector. This sparked an 18-month investigation into the scandal for which Shanghai’s former Party chief Chen Liangyu has been arrested.Their fraudulent activities were first noticed/uncovered in June of 2006. It was later known that the money was financed to various companies, including the Shanghai-based Bailian Group and Feidian Investment, which investments have been used mainly in property and highways.