The Aftershocks of the Shanghai Political Earthquake (part 4): Property Developers Under Investigation

September 30, 2006 at 10:54 pm (China, Politics)

Not every one is happy during the National Day holiday. A special team from the Central government is scrutinizing more than 10 Shanghai property developers that might be implicated in the pension fund scandal, Chinese newspaper 21st Century Business Herald reported. Most developers under investigation are among Shanghai’s top 50 real estate companies.

Three state-owned developers’ bosses, who once were very influential and powerful, are implicated. The newspaper didn’t name the three people.

The special investigation team is led by He Yong(何勇), a senior CPC leader. He is the member of the Secretariat of the CPC Central Committee and vice secretary of Central Committee for Discipline Inspection.

The special team is also investigating Shanghai’s housing provident fund (住房公积金) and health care insurance fund (医疗保险金), the newspaper said.

Separately, Zhou Qiang (周强), who was just promoted as the vice chief of CPC Hunan Province Committee, was appointed as the acting governor (代省长) of Hunan province. Zhou said in his inaugural that he will be grateful, progressive, reverent, stainless, and clean (常怀感激之情，常葆进取之心，常存敬畏之念，清清白白做人，干干净净做事). Zhou was promoted from First Secretary of China Youth League Central Committee, a position Hu Jintao once held. The Youth League is considered to be the power base of the current CPC boss.