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Chinese Red Cross runs Real Estate projects; Investment from Charity Donations [Copy link] 中文

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Post time 2011-6-30 18:33:19 |Display all floors
Chinese Red Cross runs Real Estate projects; Investment from charity Donations
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Post time 2011-6-30 19:04:02 |Display all floors
In the initial scheme, it would be a project for public charity.
In Yangzhou, Jiangsu province, all of investment in the property development was from public charity donation.
The land was donated by Yangzhou municipal government to Chinese Red Cross.

In Beijing, 20% of the total investment was from public charity donation. The rest 80% was from a Beijing provincial government-own company.
The land was donated by Beijing municipal government to Chinese Red Cross.
the prices of apartments sold by Chinese Red Cross in housing market were higher than the luxurious Villa counted by per Sq.M. in the same area.
1 living room + 1 bed room + 1 kitchen + 1 toilet room = RMB 1.38 million
****** + 5 bedrooms + ***                              = RMB 4.07 million

In Fuchun, Jiangsu province, the investments was from public charity donation and a company in Zhejiang province.
The land was donated by Fuchun municipal government to Chinese Red Cross.

source: Peopledaily newspaper and the investigation and interview made by journalists in other media.



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None of those investments was from public charity donation. But 20% apartments of those projects would be spent on public charity, such as free access of accomodation for senior Chinese, cheap rental for senior Chinese. But the senior Chinese should be those who did great contribution to China and those rich Chinese who can pay the rental.


source: the website of Chinese Red Cross

[ Last edited by 468259058 at 2011-6-30 07:10 PM ]
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Post time 2011-6-30 19:05:07 |Display all floors
h ttp://money.163.com/11/0630/02/77OTBNLJ00253B0H.html
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Post time 2011-7-1 01:52:40 |Display all floors
Sounds dangerous. Harvard University lost billions during the real estate crisis in the US - hopefully, the red cross won't face the same fate.

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Post time 2011-7-1 01:58:46 |Display all floors
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Post time 2011-7-1 11:08:41 |Display all floors
Can we trust Chinese Red Cross?

What Chinese Red Cross said are great different from its practice according the investigations of journalists.
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Post time 2011-7-5 12:13:55 |Display all floors

Businessman in Chinese Charity Scandal Resigns

By EDWARD WONG
Published: July 4, 2011

BEIJING — A businessman on the board of a company with ties to the Red Cross Society of China has resigned after a nationwide scandal centered on his girlfriend raised questions about corruption in that and other state-run charities, according to an Internet post on Monday by a colleague of the businessman.

The businessman, Wang Jun, left the China Red Cross Bo’ai Asset Management Ltd. Corp., a for-profit company, days after Chinese Internet users accused his girlfriend, Guo Meimei, 20, of using charity money to finance a lavish lifestyle, including purchases of a Maserati, a Lamborghini and Hermès handbags.

The scandal started on June 21, when questions were raised about photographs flaunting her lifestyle that Ms. Guo had uploaded to her microblog, where she also identified her job as “commercial general manager” at the Red Cross.

The scrutiny prompted widespread condemnation and a police investigation of Ms. Guo. Chinese netizens spent days trying to figure out how she had amassed her wealth.

On Monday, the chief executive of the Bo’ai Asset Management company, Weng Tao, said on his microblog that Ms. Guo was not a manager at Bo’ai or at the Red Cross, and that her luxury items had been gifts from Mr. Wang. He said that Mr. Wang had resigned on June 26 Mr. Weng said he did not initially know of Mr. Wang’s relationship with Ms. Guo, which apparently began this winter.

The company is tied to the Red Cross of the Commercial Sector, itself ia shadowy group that is linked to the Red Cross Society of China, a large government organization that is the biggest charity in the country and is a member of the International Federation of Red Cross Societies.

Mr. Weng said his company makes a small profit but focuses on social welfare. It sells advertising on the sides of cars, he said in an interview with Beijing News that was published Monday. Mr. Weng did not give details about the social welfare work done by the company.

The outrage over Ms. Guo has led many Chinese to discuss common accusations of corruption in the Red Cross, which the government favors over private foundations and charities. The government places the Red Cross at the forefront of charity drives during times of disaster, and it is one of the very few charity groups generally allowed to solicit public donations. The National Audit Office reported financial irregularities at the Red Cross on June 26, including that it had overpaid an equipment procurement contract by $650,000. In April, a $1,500 restaurant bill paid for by employees of the Shanghai branch of the Red Cross drew widespread criticism after a photograph of the bill was posted on the Internet.

On Monday, Chinese netizens added to their discussion of the Guo scandal new questions about so-called social welfare housing that is being built in at least three cities by the general Red Cross or the Red Cross of the Commercial Sector. Some people have criticized the homes as too opulent, and have asked whether they are in fact as luxury units meant to be rented or sold for an enormous profit.

Adam Century and Shi Da contributed research.

http://www.nytimes.com/2011/07/05/world/asia/05china.html
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