Everyone in China Has Their Finger in Real Estate

The Henan Soong Ching Ling Foundation with assets of $476 million is being investigated for its real estate dealings. It spent $140 million on charitable activities last year. It failed to explain the source of the funding for a $63 million dollar, 24 meter stone statue of the founder. (Click the link below for a picture.)

Probe into charity's real estate spending

A report by Xinhua News Agency revealed the foundation raised a great deal of money selling health insurance in the vast rural areas of Central China's Henan province, some of which was then lent to property developer.

The agent, who has run the business since 2007, added that the project named "charitable health insurance" was run in such a way that it would appeal to villagers. He explained that most farmers chose to buy the insurance as they were promised they would receive an annual 400 yuan in interest once they paid 10,000 yuan in premiums.