Former housing manager charged

Ke Jiayun
Prosecutors claim 64-year-old Le made more than 6.7 million yuan by using some state-owned houses as collateral for others' loans.
Ke Jiayun

The former general manager of a public housing company has been charged with graft after he made more than 6.7 million yuan (US$970,000) by using some of its houses as collateral for others' loans.

Clues to the case involving 64-year-old Le emerged, prosecutors in Hongkou District said, when they were investigating the loss of state assets.

In 1992, Le became Labor Union chairman of state-owned Hongfang Group as well as general manager of its Hongkou District Public Housing Assets Management Co subsidiary. 

Between 2007 and 2013, he used the property rights of a building on Wuhua Road as collateral for others' loans and took money from these people, prosecutors said, in deals that made him over 6.7 million yuan.

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