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Shanghai tycoon quizzed over property deals.

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| June 01, 2003 | COPYRIGHT 2003 Financial Times Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

(From South China Morning Post)

Byline: Mark O'Neill in Shanghai

A business newspaper yesterday broke the silence in the official press over the controversy surrounding flamboyant Shanghai tycoon Chau Ching-ngai.

Business Post, which is run by the Caijing magazine, reported that Mr Chau, who was listed by Forbes magazine last year as the 11th richest person on the mainland, was under investigation by the China Banking Regulatory Commission and the Central Commission for Discipline Inspection of the Communist Party.

The 42-year-old chairman of Shanghai Land Holding is not being allowed to leave Shanghai and is being investigated for two matters, the newspaper claimed.

Rumours that Mr Chau was being investigated have circulated in the Hong Kong press for several days. But yesterday's report was the first by a mainland newspaper.

Officials at Shanghai Land were unavailable for comment yesterday. But the company said in a brief statement on Wednesday that Mr Chau was in Shanghai and carrying out his business duties as usual.

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