Real estate tycoon flees with $3.5m

Jiang Fei, the president of Shenzhen Zhongtian Real Estate, has disappeared with US$3.5 million authorities believe he embezzled from the company, Economic Observer reported (in Chinese). The police suspected that Jiang fled after finding irregularities in the company's finances. As many as 23 of Zhongtian's clients are believed to have been victims of the embezzlement, according to Shenzhen Public Security Bureau. Jiang's agency has over 100 branches in Shenzhen, Chengdu and Shanghai in recent years.