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NANJING, Dec. 31 (Xinhua) -- A court in east China's Jiangsu Province sentenced a man to death and another to life in prison Friday for illegally raising up to 4 billion yuan (606 million U.S. dollars) in a fraudulent investment scheme.Another 11 suspects were given jail terms ranging from two-and-a-half to 10 years for collusion in the fraud, which caused losses of 650 million yuan (98 million dollars) to 14,822 investors, the Intermediate People's Court in the provincial capital, Nanjing, said in a statement.According to the statement, Sun Haiyu and Hu Zhen jointly set up a company, Nanjing Runzai Biology Co., Ltd. in January 2004 and began soliciting investments from the public in the name of planting glossy ganoderma, or reishi mushrooms, which are widely used in traditional Chinese medicine.The judge said the company exaggerated its profits in planting glossy ganoderma and fraudulently claimed that the investment was risk free.The duo, together with 11 accomplices, raised more than 4 billion yuan from April 2004 to July 2008.Sun was sentenced to death for the crime of illegal fund-raising by fraudulent means, while Hu was sentenced to life imprisonment.
BEIJING, Jan. 17 (Xinhua) -- Home prices in 70 major Chinese cities rose 0.3 percent month on month in December and 6.4 percent year on year, the National Bureau of Statistics (NBS) said Monday.The annualized growth rate dropped from 7.7 percent in November, making December the eighth consecutive month of slowing growth from a peak of 12.8 percent in April last year, when the government stepped up controls to curb prices.New home prices climbed 7.6 percent year on year last month and 0.3 percent month on month, while prices for second-hand homes rose 5 percent year on year and 0.5 percent month on month, said a statement on the NBS website.File photo taken on Nov. 14, 2010 shows a newly built residential community in east China's Shanghai Municipality.Property sales volume, in terms of floor space, was up 11.5 percent from a year earlier to 218.08 million square meters last month, and the value of sales rose 21.9 percent to more than 1.02 trillion yuan (about 155 billion U.S. dollars).Property sales for the whole of last year surged 10.1 percent year on year to 1.04 billion square meters, and the sales value was up 18.3 percent to 5.25 trillion yuan, it said.Property investment last year jumped 33.2 percent year on year to 4.83 trillion yuan. In December alone, 557 billion yuan was invested in the real estate sector, up 12 percent year on year.

BEIJING, Jan. 12 (Xinhua) -- The Chinese government welcomes and supports the activities of overseas non-governmental organizations (NGO) in the country, said Assistant Foreign Minister Cheng Guoping here on Wednesday.Addressing a new year reception held by the Chinese Foreign Ministry for NGOs, Cheng appreciated the contribution of overseas NGOs in promoting China's economic and social development, as well as the country's exchanges with the world.He also hopes overseas NGOs to enhance understanding about China's national conditions, and abide by China's laws and regulations.About 130 representatives from overseas NGOs, foreign embassies in China and academic organizations, as well as Chinese officials from relevant departments joined the reception, the first held by the Foreign Ministry for NGOs.
WUHAN, Jan. 18 (Xinhua) -- The fire in a residential area in Wuhan, capital of central China's Hubei Province, was put out Tuesday morning and no casualties were reported, local authorities said.The fire started at around 11 p.m. Monday from the first floor of a four-storey building in Qiaokou District, according to the city's fire control department.The building's first floor was a food market and more than 20 people lived upstairs. Most of them managed to escape after the fire started.More than 200 fire fighters had been dispatched to contain the blaze. Fire fighters rescued six from the building, including an old man and a child.The cause of the fire is still under investigation.
WASHINGTON, Dec. 14 (Xinhua) -- China and the United States on Tuesday kicked off their annual trade talks in Washington D.C..Visiting Chinese Vice Premier Wang Qishan co-chaired the 21st Joint Commission on Commerce and Trade (JCCT) meeting with U.S. Commerce Secretary Gary Locke and Trade Representative Ron Kirk.High-ranking officials of both countries started their talks in small groups on Tuesday afternoon.Chinese Vice Premier Wang Qishan (L) shakes hands with U.S. Commerce Secretary Gary Locke prior to their meeting in Washington D.C, capital of the United States, Dec. 14, 2010. High-ranking officials of China and the United States started their talks in small groups here on Tuesday afternoon as part of the 21st Joint Commission on Commerce and Trade (JCCT) meeting.The plenary session of the 21st JCCT meeting will be held on Wednesday. In addition to talks on investment, trade, intellectual property right and other issues, it is expected that the two sides will sign a number of bilateral agreements on governmental cooperation at the talks later that day.The JCCT began in 1983 as a platform for both countries to promote trade and address issues of mutual concern.The 20th JCCT was held in east China's Hangzhou City on Oct. 28- 29, 2009.
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