China’s corruption crackdown has already taken a bite out of the hospitality sector in China with its ban on lavish banquets and is now starting to make waves in another corner of the economy, as officials afraid of government scrutiny are dumping apartments.
In one case late last year, an Inner Mongolia political leader named Wu Zhizhong was convicted of corruption, accepting bribes and embezzling public funds. Investigators said Mr. Wu owned 33 properties in China and one house in Canada. Xinhua, China’s official news agency, said the keys to all of his homes could fill up an entire handbag.
Cai Bin, a former Guangzhou official dubbed “Uncle House” on social media, was also convicted last year for accepting bribes. Investigators said he and his family owned more than 20 homes.
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Esther Fung and Alyssa Abkowitz, Wall Street Journal via CHINA US Focus http://ift.tt/1o5DY7D
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