Ma Xingtian, the former chairman and general manager of Chinese company Kangmei Pharmaceutical, formerly known as “the richest man in Puning” has been detained, Aboluowang reported.
Insiders learned from Alibaba’s auction platform on Dec. 14 that two properties owned by Ma Xingtian in the Futian district of Shenzhen will soon be auctioned.
The properties put up for auction are two interconnected properties and a total floor space of more than 506 square meters, with a starting price of $6.6 million and a deposit of $628,000.
According to reports, the auction will start at 10 a.m. on Jan. 5 next year. There were 3,126 viewers, but no one registered to participate in the auction.
The notice shows that the auction is related to the execution judgment of the Intermediate People’s Court of Jieyang City, Guangdong Province, with a total enforcement amount of more than $11 million.
According to previous reports, the Intermediate People’s Court of Foshan City, Guangdong Province, publicly convicted Ma Xingtian and 12 others for manipulating the stock market on Nov. 17, and fined him $188,000.