2014-10-13

Agile Property CEO Arrested; RE Corruption Uncovered in 20 Provinces

Agile Tumbles in Hong Kong as Chairman Placed Under Custody
Agile, based in Guangdong province, was told by Chen’s wife that the chairman was confined at a “designated residence” since the evening of Sept. 30 by prosecutors in the southwestern city of Kunming, according to a company filing, which didn’t give a reason for the order. The announcement comes after the developer called off a HK$2.8 billion ($361 million) rights offer last week.

The Chinese press is reporting that a ¥60 billion deal in Yunnan province is the issue, with reports that many people involved in project have already been investigated. Given the land audit is underway, this paragraph below is the one I zeroed in on.

iFeng: 消息称雅居乐600亿云南项目多负责人被查
The most cruciall is, Agile laid out 60 billion investment in large orders, so the local government is very willing to provide active cooperation and support in all areas. First of all, the cost of land is quite low...

Another top headline in China today: 20个省份存房产腐败 官商勾结插手土地开发 (20 Provinces Have Real Estate Corruption; Officials Involved in Land Development)

Central Commission for Discipline Inspection Department website on the 10th set up columns, have been released in 2014 the first round of inspection teams visited the Central rectification. Judging from the current round of rectification around, "real estate" is still the hardest hit areas of corruption, "collusion", "much of the housing" and "office space exceeded" the phenomenon is widespread.

Since 2013 has been visited by 21 provinces, there are 20 provinces found a real estate corruption, accounting for up to 95%; inspections in all 34 regions, the unit, there are 19 provincial and ministerial level officials stationed in the central inspection teams After the wayside, many senior officials sacked and real estate are inseparable.

■ illegal use of land

Collusion, much of the housing, office space exceeded widespread

Many children of illegal real estate development cadre

Central inspection teams found that in Fujian, Liaoning, Shandong, Henan and other places, a small number of leading cadres in land, real estate development, construction and other aspects of selection and appointment of abuse of power, corruption in some areas and sectors prone, there is a problem provinces accounted for half of the tour the provinces.

Chajiu violation comprehensive set of Fujian exclusive conditions, "tailored" behavioral targeting business listing real estate sites, found violations of land since the 266 in 2012, have been rectified to correct 41.

Liaoning Province 1125 illegal land use issues identified, the investigation and 989, 136 non-filing process, has closed 1116.

Shandong Province and severely punish major project operations are not standardized, leading cadres and their relatives to intervene project bidding, land transfer 37 cases, involving 50 leading cadres, leading cadres treated 36 people; provincial prosecutors Kyoritsu check cases 175, 203 people .

Leading cadres presence of children and their relatives in Hainan, Xinjiang, Ningxia and other provinces illegal business enterprises within their jurisdiction, engaged in real estate development issues, for this, "the legendary" phenomenon, the central inspection teams in the "tigers" of also did not forget to "catch the fox."

■ office space

Beijing 10 counties exceeded the cleanup completed

As of the end of August, in addition to individual office units due to special circumstances, such as construction of the building and leasing turnover, the Beijing party and government organs and the case has been basically completed 10 counties exceeded the office space remediation work to clean up the rectification task.

Gansu Province for individual units not approved the first building was built, ultra-scale construction over budget issues, called for more efficient use of office buildings have been built, the standard does not allow super, super size, and strictly control the use of office space and office space units of the total area.

Central Commission for Discipline Inspection Department website also informed the COFCO Group executives were dismissed without payment of the purchase decision process, Liaoning Province on the problem of low occupancy rates in some areas has made a number of measures to inventory.

■ much of the housing

Liaoning provincial cadres completed 7 vacate

Central inspection teams clear requirements Liaoning, Hainan, Gansu, Xinjiang and other provinces of leading cadres accounted for residential housing and excessive rectification, each province or rectification, or gives a timetable for solving the problem.

Liaoning Province, much of the housing in seven provincial cadres to vacate the transfer has been completed; large housing area exceeded 17 provincial cadres, according to housing reform when the local market over the area to assess the price to pay to buy a house. This work by the end of the year.

Hainan Province, the raw material of housing reform housing reform has been implemented provincial cadres were thoroughly verified, exceeding the area in back of the housing paying back; violation of Haikou city leaders housing reform, expansion of the area carried out a review of the housing money and pay the fines.

Gansu provincial cadres housing situation has started to declare the registration, cleanup work is completed before the end of December. Department-level cadres and below much of the housing violations cleanup work will be completed by the end of June 2015.

Xinjiang Yili four team leaders in 2006 to exceed the standard residential construction, there has been no deal, great views of the cadres and masses. Autonomous Region Party Committee instructed the Commission for Discipline Inspection and Supervision Department will live and Construction Office, Land and Resources Department, made a further investigation of the issue, proposed treatment advice. Related work currently being stepped up, and strive to complete before the end of treatment.

With the establishment of real estate registration system, some officials conduct much of the room will be squeezed, will help plug the loopholes in housing management.

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