Judgment of the first instance in the fund-raising fraud

On the morning of January 16, 2019, the First Intermediate People’s Court of Shanghai publicly s

entenced 15 defendants, including Shanghai Quick Deer Investment (Group) Co., Ltd., Shanghai Changning Donghongqiao Small Loan Co.,

Ltd., Shanghai Donghongqiao Financing Guarantee Co., Ltd. and defendants, Huang Jiaqian, Wei Yanping, Zhou Mengmeng, Xu Qi (American nati

nality), to collect funds fraudulently and illegally absorb public deposits. In a series of cases, the Fast Deer Group, Donghongqiao Small Credit Company and Do

nghongqiao Guarantee Company were fined RMB 1.5 billion, 200 million and 200 million yuan respectively for fund-raising fraud; Huang Jiaqian and Wei Yanping were sentenced to life imprisonment and

fine for fund-raising fraud and illegal absorption of public deposits; Xu Qi was also sentenced to 13 years’imprisonment for fund-raising fraud and illegal a

bsorption of public deposits. Fines; the remaining 12 defendants, such as Zhou Mengmeng, were sentenced to 15 to 9 years’imprisonment and fines for the crime of fund-raising fraud.

From September 2013 to August 2015, Shi Jianxiang (another case) set up a fast deer group with

the core of personal control and unified management of Donghongqiao Small Credit Company, Donghongqiao G

uarantee Company, Jinlu Family, Tianjin Family and China Sea Investment Family to implement illegal fund-raising activities.

From March 2014 to April 2016, Shi Jianxiang ordered Donghongqiao Small Credit Company to provide false creditor’s rights, Donghongqiao Guarantee Com

pany to match false guarantee letters, and then packaged into various financial products by Jinlu Financing Platform, together with fund products issued

by CITIC Financing Platform without approval of relevant departments, to hold promotion meetings and send leaflets. And Internet advertising, ran

dom phone calls, hosting or sponsoring performances through stores, the Internet and other channels to publicize and sell to the public, thus raising a total

of 43.4 billion yuan illegally. All the above illegal fund-raising proceeds were transferred to the bank accounts actually controlled by Shi Jianxiang and

Quick Deer Group. Except for over 28.2 billion yuan, which was used to pay the principal and interest of investors in the earlier period, the remaining fund

s were used to pay operating expenses, equity acquisition and film and television investment, transfer to overseas and purchase vehicles, and pe

rsonal profligacy and embezzlement. By the time the case was committed, the actual economic losses in the case amounted to more than 15.2 billion yuan.

According to the First Shanghai Intermediate Court of Justice, the three defendant units and 15 persons directly in charge, such as Huang Jiaqian, and other persons

directly responsible, have used fraudulent methods to raise funds illegally for the purpose of illegal possession, and their acts have all constituted the

crime of fund-raising fraud, and the amount is especially huge. Xu Qi, the defendant, also violated the relevant state regulations by illegally absorbing pub

lic deposits and disrupting the financial order. His actions constitute the crime of illegally absorbing public deposits, and the amount is huge. The illegal fund-ra

ising activities of the above-mentioned defendant units and defendants caused huge economic losses to nearly 40,

000 victims, seriously undermined the national financial order and seriously endangered the national financial security. In light of the facts, nature, circu

mstances and degree of social harm of the case, the above-mentioned judgment was made in accordance with the law.

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Vanke responds to “cardboard doors”: high-end luxury houses

Last year, sales exceeded 600 billion yuan for the first time, but recently they have fallen into the whirlpool of public opinion because of the quality of fine decoration of rent.

It is reported that the owners of Vanke in Hangzhou responded to the media by purchasing their own houses. The propaganda in the e

arly stage was fine decoration and accommodation. As a result, all the jerry-built materials were simplified, especially the doors and floors were all made of paper.

In this regard, Vanke told the “Securities Daily” reporter that the relevant reports mentioned that “doors and floors are made of paper”, there

is a clear misunderstanding. The material mistaken for “cardboard” is actually “medium density fiberboard”. Medium density fibe

rboard is a kind of wood-based panels, which is widely used in indoor decoration and furniture industry at home and abroad. The products meet the industry standards (JG/T122-2000).

In fact, as early as 2012, it was reported that cardboard was used as cabinet and indoor door materials in the sixth phase of Vanke Fifth Garden

in Shenzhen, which sent 3000 yuan per square metre for fine decoration. As a result, a large area

of mildew appeared in the cabinet, wall paint falling off and other decoration and indoor air quality did not meet the standards.

In response to this, Vanke has announced that in the sixth phase of decoration of Shenzhen Fifth Garden, no part of the use of “cardboard”.

Vanke will be responsible for all the decoration quality problems found in the Fifth Garden, and will not hesitate to speak out and blame.

Vanke said that the use of cardboard as decoration materials is not technically feasible. At present, in the market decoration board, t

here is no one commonly known as “cardboard”. If customers or the public have any doubts, they can check with manufacturers, sell

ers, quality inspection agencies or experts in the paper industry, decoration and decoration materials industry.

“Medium density fiberboard, such as wood-based panel building materials, is not a small amount o

f application in the current housing decoration. The use of such materials is not necessarily to sa

ve costs, but more from the shape of home decoration products, application scenarios and other considerations. Some people in the industry said.

Vanke officials also said that the company’s high-end product line of residential, will al

so use MDF according to the situation, with this material can not simply be called “simple matching”.

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