Yurun's cup of woes runneth over

Zhu Yicai, the billionaire chairman of Yurun Holding Group Co Ltd, has been placed under residential surveillance by authorities since last Monday, said a notice released by the company on Monday.

The Jiangsu-based company said it received a notice from Zhu's family on the matter on Thursday, and said it did not receive any legal documents from prosecutors and legal authorities. It is likely that Zhu was placed under residential surveillance for the company's real estate projects, said media reports.

Yurun is also possibly under anti-corruption investigation by authorities. The case has become one of the latest incidents of Chinese officials and businessmen being investigated for serious economic offenses.