De­vel­oper’s losses fab­ri­cated, re­port says

China Daily (Canada) - - CHINA -

A Hong Kong real es­tate de­vel­oper bought 270 prop­er­ties in Zhangji­a­gang de­vel­oped by his own company to avoid pay­ing taxes, Law Af­fairs Weekly re­ported on Wed­nes­day. The man al­legedly showed losses on pa­per and con­se­quently avoided pay­ing taxes of 150 mil­lion yuan ($24 mil­lion).

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