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It was reported that Yu Jinyong, board chairman of China Century Investment Holdings Group was arrested on July 14 in Beijing due to contract fraud. Later, the report was confirmed by the police in Beijing, which did not reveal the detailed case.
Yu Jinyong was the initiator of the theories that “technologies always serve capital” and“capital rules everything”. He is the visiting professor of several universities and once won the title of the “People of the Year in China’s Real Estate”. He holds the PhD degree in the US West Pacific University, and was the schoolmate with another Chinese real estate tycoon Tang Jun. When the later was doubted to cheat the world about his academic degree, Yu Jinyong came out and supported Tang Jun by saying that the US West Pacific University, is a legal and accredited university.
Yu Jinyong was reported to swindle the bail of 500 thousand yuan from the bidders and that was why he was arrested. In March 2003, Yu Jinyong signed a cooperative agreement on land development with the government of Liangshan County, Shandong Province in the name of Beijing Aikai Investment Co., Ltd. One month latter, Yu Jinyong began to invite bids for his project of“hi-tech parks, apartments, office buildings, villas and hotels”, whose value was 800 million yuan.
In May 2003, a Beijing-based company transferred 500 thousand yuan to the account of Beijing Aikai Investment Co., Ltd as the bail of bidding. However, seeing no progress of the bidding, this company vainly asked Yu Jinyong to return the bail several times. Later, Beijing Aikai Investment Co., Ltd was deprived of its business license. The company realized that it was cheated and called the police in October 2003.
Yu Jinyong was the initiator of the theories that “technologies always serve capital” and“capital rules everything”. He is the visiting professor of several universities and once won the title of the “People of the Year in China’s Real Estate”. He holds the PhD degree in the US West Pacific University, and was the schoolmate with another Chinese real estate tycoon Tang Jun. When the later was doubted to cheat the world about his academic degree, Yu Jinyong came out and supported Tang Jun by saying that the US West Pacific University, is a legal and accredited university.
Yu Jinyong was reported to swindle the bail of 500 thousand yuan from the bidders and that was why he was arrested. In March 2003, Yu Jinyong signed a cooperative agreement on land development with the government of Liangshan County, Shandong Province in the name of Beijing Aikai Investment Co., Ltd. One month latter, Yu Jinyong began to invite bids for his project of“hi-tech parks, apartments, office buildings, villas and hotels”, whose value was 800 million yuan.
In May 2003, a Beijing-based company transferred 500 thousand yuan to the account of Beijing Aikai Investment Co., Ltd as the bail of bidding. However, seeing no progress of the bidding, this company vainly asked Yu Jinyong to return the bail several times. Later, Beijing Aikai Investment Co., Ltd was deprived of its business license. The company realized that it was cheated and called the police in October 2003.