Zhang Xinhua Sentenced to Death for Hugh Corruption

On December 10， 2014， in the first trial at Guangzhou Intermediate Peoples Court， Zhang Xinhua， former general manager of Guangzhou Baiyun NGS Joint Company， was sentenced to death for corruption that involves nearly 400 million yuan. The verdict also says all personal properties of Zhang Xinhua will be confiscated.

Baiyun NGS Joint Company is affiliated to Guangzhou NGS Group. It holds about 25000 acres of land and more than 20 subsidiaries. 10 years ago， the company fell in crisis with a massive debt of 620 million yuan， and Zhang Huaxin was the one that saved it from falling apart.

According to the investigation and court re- cord， from June， 1998 to May， 2013， Zhang Huaxin took nearly 56.8 million yuan and 7.3 million HK dollars of bribes from interested companies and individuals.

From 2003， Zhang Huaxin started to misappropriate land and house properties from subsidiary companies， and profiteer through selling or renting out. It is estimated that at least 280 million yuan worth of state-owned assets was swallowed up by Zhang Xinhua during this period.

According to professional appraisal， stateowned land that was illegally handled by Zhang Xinhua amounts to 1.1 million square meters equals to 154 standardized football grounds.