Run’s Rich List (富豪榜) has been dubbed Wanted List (杀猪榜)
in China. Each year shortly after the list was published,
some of people on the list would quickly fall from grace.
There is no exception this time around.
It is revealed by Guangzhou Property Tax Bureau that, of
41 large corporations that have failed to pay taxes 20 million
yuans or more, 31 are property-related companies. And the
number ten on the Hu Run’s Rich List is one of them. With
his financial assets adds up to a dazzling 10 billion yuans,
he still chooses not to pay his tax. So far he has accumulated
an unpaid tax debt of 28 million yuans, not counting the
interest he owns.
In a country where many people cannot afford to go to hospital
and a lot of families are struggling to make ends meet in
order to allow their children to finish school, it is understandable
that this extremely wealthy man’s extraordinary mean act
has caused a wide resentment. To make things worse, he is
a property developer.
For years, China’s property market is generally viewed as
THE most corrupted industry in China, and the property developers
became the most disgusted group.
China's property industry is a hotbed of corruption, where
private business people and local government officials often
team up and exercise forced land acquisition and dodged tender
practice. Case in point is Shanghai when it was under the
rule of Chen Liangyu. Some time ago, over 200 Shanghai residents
sent an open letter to Beijing, detailing how their houses
in district were demolished by a private developer
associated to Chen, from whom the rightful owners of the
properties received no compensation but fists and punches.
Many of them are still left without a place to call home
so far. And that are not all. Price manipulation and tax
invasion are also said to be the trademarks of this industry.
A local study shows that 90 percent of property-related companies
fail to pay their tax.
Another rich man on the Rich List publicly declaimed that
he dared not to enter the property market. "The Field
is too filthy," he reportedly said.
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