Caixin
Nov 24, 2021 05:30 PM
CHINA

In Depth: Art Fraud Lifts Lid on Illegal Public Fundraising

Cases of art investment gone wrong are typical of a growing trend of illegal, unlicensed fundraising. Photo: VCG
Cases of art investment gone wrong are typical of a growing trend of illegal, unlicensed fundraising. Photo: VCG

When retired teacher Zhang Yanli invested millions of yuan in calligraphy and paintings, she didn’t expect that her art would remain out of sight, let alone vanish completely.

Despite all the money she spent, Zhang never saw any of the art she bought as it was kept for safekeeping by the local artwork management company that facilitated the deal.

Their agreement noted that she would receive an annual return on investment of more than 10%. But since August 2018, she had received zero returns and couldn’t even get her principal back.

You've accessed an article available only to subscribers
VIEW OPTIONS
Share this article
Open WeChat and scan the QR code
NEWSLETTERS
Get our CX Daily, weekly Must-Read and China Green Bulletin newsletters delivered free to your inbox, bringing you China's top headlines.

We ‘ve added you to our subscriber list.

Manage subscription
PODCAST