Social fund spent on real estate

SHANGHAI: More than 20.1 billion of the nearly 33 billion yuan ($4.68 billion) misappropriated from Shanghai's social security fund was invested in the property sector, the 21st Century Business Herald yesterday quoted the National Audit Office as saying.

A report released by the office concluded an 18-month investigation into the scandal, for which Shanghai's former Party chief Chen Liangyu has been arrested.

The embezzlement was first uncovered in June 2006. At first, it was thought the misused funds totaled 3.4 billion yuan, but yesterday's report by the Herald said the amount was 32.9 billion yuan.