From October 20 to 22 along the banks of Shanghai's Huangpu River, the 2026 Sustainable Global Leaders Conference returns once again. Nobel and Turing Award winners will take the stage to discuss the future and trends of technology, and the internet-famous professors who "rescue" people from anxiety and involution 鈥?Macfarlane and Xiang Biao 鈥?will hold a live dialogue!
Limited seats available, first come first served. Let us join together for this appointment with sustainability! [Click to register] (Source: Tonight News) Reposted from: Tonight News
From an unfinished small town to a guaranteed housing delivery project, the "Beautiful Life Homeland" project in Ye County, Henan, has once again come to a standstill. According to Mr. Wang, a relevant person in charge of the developer, in January 2025, the third special loan of 52 million yuan applied for by the project for guaranteed housing delivery construction arrived. However, the developer company's bank statements show that after 40.1 million yuan of construction funds were transferred to the construction unit Henan Tongfenghong Industrial Co., Ltd. (hereinafter referred to as Tongfenghong Company), Tongfenghong Company transferred 5.1 million yuan to the personal account of its legal representative Mr. Song, and also transferred 35 million yuan to the Ye County Finance Bureau, resulting in a break in the funding chain and the project stalling. At present, the final flow of the special loan still needs further verification, and 793 homeowner households are still waiting for delivery.
550 million yuan of pre-sale funds allegedly misappropriated
From an unfinished small town to a guaranteed housing delivery project
According to Mr. Wang, the predecessor of the "Beautiful Life Homeland" guaranteed housing delivery project was the Zhongyuan Yandu Salt Lake Resort Town in Ye County, Pingdingshan City, Henan Province, which was originally an unfinished project. In 2013, Mr. Wang, as a shareholder of Zhongyuan Yandu Salt Lake Resort Co., Ltd., was responsible for the development of the resort town project. The project was approved for a total of 720 mu of land. Because the engineering volume exceeded expectations, after discussion with the county government, it was finally decided that 520 mu would be used for commercial development and the remaining 200 mu for building the salt lake. However, in the second half of 2015, the company's funding chain broke, and the resort town project stopped construction. Public information shows that in 2018, the Ye County Party Committee and County Government introduced the Fuzhou Tianfu Group to invest in Zhongyuan Yandu Salt Lake Resort Co., Ltd., jointly developing and constructing the Zhongyuan Yandu Salt Lake Residential Community Project (Beautiful Life Homeland Project) and the Zhongyuan Yandu Salt Lake Tourism Resort Project. Mr. Wang said that Fuzhou Tianfu Group established Ye County Tianfu Kunbei Construction Company, holding 52% equity in Zhongyuan Yandu Salt Lake Resort Co., Ltd. After liquidation of Mr. Wang's assets and debts, he ultimately held 48%. His shares were held on his behalf by Ni Mouwu, appointed by the Tianfu Group. Mr. Wang, together with Pingdingshan Ye County Development Investment Co., Ltd. and Ye County Tianfu Kunbei Company, jointly signed a Cooperation Agreement, which clearly stated the shareholding on behalf arrangement. On May 18, 2019, the project opened for sale, with considerable sales revenue.
From October to November 2022, the Ye County Audit Bureau conducted a special audit of the use of pre-sale funds for the Zhongyuan Yandu Salt Lake Residential Community Project (Beautiful Life Homeland) developed by Zhongyuan Yandu Salt Lake Resort Co., Ltd. The audit report stated that as of September 2022, the project's original pre-sale funds were approximately 2.491 billion yuan, of which 2.46 billion yuan had been used. Among this, 550 million yuan of pre-sale funds was misappropriated to pay for other projects of Henan Tianfu Group.
Audit report
"I reported the case to the Ye County Public Security Bureau, requesting an investigation into the misappropriated funds, but no case was ever filed. Because the funds could not be recovered, the funding chain broke, and the project stopped construction again," Mr. Wang said. A relevant Reply on the official website of the Ye County People's Government also confirmed Mr. Wang's statement. The Reply stated that in early 2022, the Zhongyuan Yandu Salt Lake Residential Community Project (Beautiful Life Homeland), affected by the overall real estate environment and the misappropriation of pre-sale funds, gradually experienced construction difficulties and semi-suspension. In September 2022, Ye County applied to the state for a special loan for the project as a guaranteed housing delivery project for construction.
Relevant reply on the official website of the Ye County People's Government
Special loan transferred away immediately upon arrival, funds flowing into local finance bureau?
In 2024, Mr. Wang discovered that the Cooperation Agreement he had signed with Pingdingshan Ye County Development Investment Co., Ltd. and Ye County Tianfu Kunbei Company was lost, so he filed a lawsuit with the Ye County People's Court, requesting an order for Ni Mouwu to register the equity change under his own name. In August 2025, the Intermediate People's Court of Pingdingshan City, Henan Province, confirmed in the second instance that Mr. Wang enjoyed 48% equity in Zhongyuan Yandu Salt Lake Resort Co., Ltd., and required Ni Mouwu to cooperate in handling the industrial and commercial equity change registration. Ni Mouwu then applied to the Henan Provincial Higher People's Court for retrial. In February 2026, the Henan Provincial Higher People's Court terminated the original judgment on procedural issues and sent it back for retrial.
Civil ruling of the Henan Provincial Higher People's Court
During the court proceedings, Mr. Wang also discovered that the guaranteed housing delivery special loan funds applied for by the project were suspected of being misappropriated. Mr. Wang told reporters that since 2022, Zhongyuan Yandu Salt Lake Resort Co., Ltd. had applied three times to Pingdingshan Rongcheng Development Investment Group Co., Ltd. for guaranteed housing delivery special loans. Among them, the third guaranteed housing delivery special loan totaled 52 million yuan. Pingdingshan Rongcheng Development Investment Group transferred 12 million yuan to its company account on January 10, 2025, 20 million yuan on January 24, and 20 million yuan on January 27. The company's bank account statements show that on January 16, 24, and 27, 2025, 40.1 million yuan of the 52 million yuan special funds was transferred in four transactions under the name of construction funds to Tongfenghong Company for construction. Relevant evidence provided by Mr. Wang shows that on January 16 and 24, 2025, Tongfenghong Company transferred a total of 5.1 million yuan to its legal representative Mr. Song; on January 24 and 27, 2025, Tongfenghong Company also transferred a total of 35 million yuan to the Ye County Finance Bureau.
Mr. Wang's account checking records
"Of the 52 million yuan special funds, after deducting taxes and the 40.1 million yuan transferred away, only 9 million yuan was truly used for guaranteed housing delivery construction. The project's funds broke again, and it has completely stalled. According to statistics, 793 households in Area B have not yet taken delivery," Mr. Wang said.
In June 2026, Mr. Wang received an Announcement on Termination of Labor Contracts with All Employees issued by Zhongyuan Yandu Salt Lake Resort Co., Ltd. The announcement stated that in view of the fact that the "Ye County Beautiful Life Homeland Project" developed by the company has been listed as a government guaranteed housing delivery project, due to severe shortage of funds and operational difficulties, a major change has occurred in the objective circumstances on which the labor contracts were concluded, making it impossible for the company to continue performing the labor contracts signed with all current employees. After company research and with the consent of the government work special team, it was decided to terminate labor contracts with all registered and current employees starting from June 1, 2026.
Announcement on Termination of Labor Contracts with All Employees
"Now, Ni Mouwu is the legal representative of Zhongyuan Yandu Salt Lake Resort Co., Ltd., my shares in the company are also controlled by him, and the core funds for guaranteed housing delivery construction have also been transferred away and misappropriated. I really don't know what to do," Mr. Wang said. On October 16, reporters called Ni Mouwu, the legal representative of Zhongyuan Yandu Salt Lake Resort Co., Ltd., multiple times, but the phone was always unanswered. The reporter also called Mr. Song, the legal representative of Henan Tongfenghong Industrial Co., Ltd. After learning the purpose of the reporter's call, the other party immediately hung up. The reporter called multiple times again, all showing "the other party is currently on the phone." To verify the relevant situation, the reporter called the publicly listed number of the Ye County Finance Bureau, but it was always unanswered. The reporter finally called the relevant leader of the Ye County Finance Bureau, also with no answer.
Lawyer: If "guaranteed housing delivery" special funds are misappropriated, relevant responsible persons will face administrative sanctions and even criminal prosecution
Wei Xing, a lawyer at Shandong Zhongcheng Qingtai Law Firm, stated that according to the principle of "dedicated funds for dedicated use, closed operation" established by relevant documents on "guaranteed housing delivery and stabilizing people's livelihoods," if Mr. Wang questions that the 40.1 million yuan special loan was misappropriated, he can report it to the Ye County Housing and Urban-Rural Development Bureau, Pingdingshan City Housing and Urban-Rural Development Bureau, and higher-level housing and urban-rural development departments, requesting recovery of the funds. At the same time, he can report to the public security organ and request filing and investigation on suspicion of the crime of misappropriating funds. If criminal filing is obstructed, he can file an administrative lawsuit, suing the Ye County Housing and Urban-Rural Development Bureau for failing to perform its fund supervision duties, and order it to perform its duties and recover the funds. Wei Xing also pointed out that after the 40.1 million yuan was transferred out under the name of construction funds, Tongfenghong Company immediately transferred funds to the Ye County Finance Bureau. Mr. Wang can apply to the Ye County Audit Bureau for an audit of Tongfenghong Company's financial books for the same period, to clarify the accounting subjects and reasons for the 35 million yuan payment between it and the Ye County Finance Bureau. In terms of burden of proof, in civil litigation, Mr. Wang as the plaintiff must first bear the initial burden of proof regarding the flow of funds. Once bank statements prove that funds flowed into the Ye County Finance Bureau, the burden of proof shifts to the Finance Bureau, which must prove that receiving the payment has a legal basis. In criminal proceedings, public security organs may lawfully obtain the account statements and accounting vouchers of Tongfenghong Company and the Ye County Finance Bureau to directly ascertain the final use of the funds. Wei Xing stated that if enterprises or individuals participate in misappropriation, according to Article 14 of the Regulations on Punishment and Sanctions for Fiscal Illegal Acts, a fine of 10% to 50% of the fraudulently obtained or illegally used funds may be imposed, and directly responsible persons may be fined 3,000 yuan to 50,000 yuan. In terms of criminal liability, it may be suspected of the crime of misappropriating funds under Article 272 of the Criminal Law, with a maximum sentence of more than seven years in prison. If staff of the Ye County Finance Bureau participate in misappropriation, according to Article 6 of the Regulations on Punishment and Sanctions for Fiscal Illegal Acts, they shall be ordered to correct, adjust accounting accounts, and recover fiscal funds, and the directly responsible supervisors and other directly responsible persons shall be given sanctions ranging from recording a major demerit, demotion, removal from office, up to dismissal; in terms of criminal liability, it may be suspected of the crime of misappropriating public funds under Article 384 of the Criminal Law, with a maximum sentence of more than ten years in prison or life imprisonment. (Jinyun News reporter Yang Linlin)
Comments