Real estate financier held on fraud charges

Yu Jinyong, a high-profile Chinese businessman specializing in real estate financing, has been arrested on suspicion of commercial fraud, officials said.

Yu, president of the board of China Shidai Investment Holding Group, a real estate investment and developing company, was arrested by the Haidian District People's Procuratorate on Friday.

Zhou Zhicheng, from the district's prosecuting authority, told China Daily that Yu is alleged to have been involved in a case of contractual fraud.