(Beijing Comprehensive News) 60 properties under the name of Guo Wengui, a wealthy Chinese businessman who fled to the United States, were auctioned last weekend, but only one was sold.
Hong Kong Ming Pao yesterday quoted an anonymous insider as reporting that Guo Wengui actually controlled 60 properties worth more than 7.5 billion (RMB, the same below, SGD 1.5 billion) from 10:00 on August 31 to 10:00 on September 1.A judicial auction was held, but only one unit was sold at the reserve price, and the remaining 59 units were all unsold.
The transaction was a residence of about 668.68 square meters in Building No. 3 of Pangu Daguan, with a transaction price of 61.8222 million yuan.Since the proceeds are not enough to cover the debt owed by Guo Wengui, the auction will be held at an optional date, but it needs to be scheduled by the court.
People familiar with the matter also revealed that although the reserve prices of auctioned properties are about 30 to 20 percent off the market price, few people raise their placards.The units to be auctioned were invested and developed by Guo Wengui's Beijing Pangu Investment Co., Ltd., including 41 luxury houses with an area of 7,000 square feet and 19 office units with an area of more than 30,000 square feet.These units are located in Pangu Grand View on the Middle Road of the Fourth Ring Road in Beijing, across the road from the Olympic venues Water Cube and Bird's Nest.
Guo Wengui fled China in 2014. Since the beginning of 2017, he has made unverifiable revelations to Chinese high-level officials through various media channels.He has continued to show up recently to break the news, but the attention has not been as good as before.
