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China News

Pushing the envelope – Inside China’s vast shadow banking sector


China News

Wu Ying’s rise to riches was like a Horatio Alger story on steroids. A native of Zhejiang province, Wu dropped out of college to work in a beauty salon, then later opened her own salon down the street. By 2006, at the age of 25, Wu had built a conglomerate of hotels and other businesses and had accumulated assets of US$569.4 million, making her the nation’s sixth-richest woman, according to the Hurun Report.

But then the success story went wrong. The police arrested her in 2007, confiscating more than 100 luxury apartments and dozens of cars and businesses. Her alleged crime was financial fraud: Wu had raised US$112 million from 11 people by promising outsized returns. She was sentenced to death in 2009, and China’s supreme court is now preparing to review her case.

Wu’s harsh sentence triggered an uproar. For many, it hammered home the realisation that China cannot…

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About Craig Hill

Social Justice Campaigner, Writer, Teacher and Business Consultant. Lived in China and USA. Dealing with disability. My articles have been cited in New York Times, BBC, Fox News, Aljazeera, Philippines Star, South China Morning Post, National Interest, news.com.au, Wikipedia and many other international publications. Please consider donating, to support our social justice campaign, by clicking on the "Donations Page" button in the top menu.

Discussion

One thought on “Pushing the envelope – Inside China’s vast shadow banking sector

  1. WOW!!! Her secret is one I’d love to know!

    Posted by wsj2day | April 9, 2012, 01:44

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