The former chairman of Henan Yichuan Rural Commercial Bank Co., Ltd. (referred to as “Yichuan Rural Commercial Bank”), Kang Fengli, has had his 7 luxury homes auctioned off by the court, with a total price exceeding 200 million yuan (RMB). One of the properties is a 464-square-meter fully decorated four-bedroom apartment located in the upscale Wanliu Academy community in Beijing, with an assessed value of 112 million yuan.
Recently, the Yichuan County Court in Henan Province published judicial auction information on some auction websites, among which several properties owned by Kang Fengli, the former chairman of Yichuan Rural Commercial Bank, attracted attention.
According to the Ali Assets Judiciary website, the total estimated value of Kang Fengli’s auctioned assets exceeds 200 million yuan, including a luxury home located in Wanliu Huafu in Beijing, with an assessment value of over 110 million yuan.
Public information shows that Kang Fengli, a native of Yichuan, Henan Province, previously worked at Yichuan Rural Credit Cooperatives, starting as a deputy director in the grassroots Yichuan Rural Credit Cooperatives and later becoming the secretary of the party committee and chairman of Yichuan Rural Commercial Bank established through the restructuring of the aforementioned company.
On October 30th, it was officially announced that Kang Fengli was under investigation for serious violations of discipline and law.
According to the Ali Assets Judiciary website, 7 properties under Kang Fengli’s name are being publicly auctioned, with one property located in Rongchuang Beijing No.1 Courtyard, a 350-square-meter commercial property, having been auctioned between December 7th and December 8th. The assessed value of this property was 48.745 million yuan, with a starting bid of 34.121 million yuan. After 28 bids, the final auction price was determined to be 44.1808 million yuan.
The remaining properties will be auctioned off gradually in December and January next year.
In this auction, the highest-priced property was a 464-square-meter fully decorated four-bedroom apartment in Wanliu Huafu (Wanliu Academy) in Beijing, one of the famous high-end residential communities in Beijing, located in the traditional upscale community of Haidian District, surrounded by renowned high schools and educational institutions such as Zhongguancun No.3 Primary School and Renmin University High School. The assessed value was 112 million yuan, with a starting bid of 78.565 million yuan, and the auction is set to begin on December 19th.
Additionally, Kang Fengli’s two other five-bedroom properties located in Taihe Beijing Yard are also included in this auction information, with house numbers 110 and 111, both having a building area of 327 square meters and an assessed value of 30.599 million yuan each, and a starting bid of 21.419 million yuan, with the auction starting on December 20th.
The remaining three properties are located in Luolong District, Luoyang City, Henan Province, including a 247-square-meter four-bedroom apartment and two 138-square-meter three-bedroom apartments. These three residences will be auctioned in January next year.
According to public information and Tianyancha data, Yichuan Rural Commercial Bank was established in 2009 as the first rural commercial bank in Henan Province. The bank has a surprisingly diverse number of shareholders, with 500 individual shareholders. After Kang Fengli’s downfall, several branch managers of Yichuan Rural Commercial Bank were sentenced for illegal lending activities.
In February this year, multiple judgments related to Yichuan Rural Commercial Bank were disclosed on the Chinese Judgment Documents website, involving several bank staff members including branch managers, deputy managers, and customer managers in illegal lending, embezzlement, and breach of duty crimes, resulting in prison sentences ranging from three to fourteen years and fines. Some individuals were involved in cases spanning from 2011 to 2022, with some handling amounts reaching billions of yuan.