A man in east China has been put under investigation for owning a large number of properties, authorities said Thursday.
Xu Linbao, a worker at the People's Procuratorate of High-tech District in Nanchang City, Jiangxi Province, is alleged to own 149 housing units in the city together with family members, the Nanchang City People's Procuratorate said in a statement Thursday.
Rumors arose recently that Xu owned more than 300 properties in Nanchang.
According to the statement, Xu and his family purchased the houses from 1995 to 2015 at a cost of more than 110 million yuan (16 million U.S. dollars). Xu still owes loans of more than 96 million yuan to local banks.
Xu was suspended from his post in October.
According to an initial investigation, Xu is suspected of fraudulent fund-raising with his son-in-law Long Yuewu, who was arrested for suspected credit card fraud in October. Procurators have passed information about the case over to local police.
