Former housing manager charged
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.