Caixin OnlineBusiness & IndustryTop Stories Industry Closer Look: The Link between SOHO's Slumping Shares and China's Unwritten Rules
02.07.2013 18:32

Closer Look: The Link between SOHO's Slumping Shares and China's Unwritten Rules

A scandal involving former bank official has touched a top developer, providing a glimpse of the way wealth is accumulated in this country
By staff reporter Fu Tao
 
A

(Beijing) – A link between "House Sister" Gong Aiai and Pan Shiyi, the chairman of SOHO China, has become a hot topic on the Web in China.

It has also caused the share price of the major property developer to fall 8.6 percent to HK$ 6.28 on February 6.

Gong's story is an illustration of China's unwritten rules, namely that a back door can be used to get around the law in any field, in this case the real estate sector. The fact is that for the privileged and rich this back door is an entrance to huge personal gain.

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