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21-08-23, 10:27
Suspects buying Singapore properties since 2017; 105 mainly residential units worth S$831 million
Aug 18, 2023
https://i.imgur.com/UXQznRk.jpg
Seven detached bungalows in Sentosa Cove are among the 105 properties issued prohibition-of-disposal orders.
PHOTO: BT FILE
THE group of foreigners linked to the billion-dollar money laundering case in Singapore has been picking up properties as far back as 2017, according to information obtained by The Business Times (BT) on deals linked to the 10 people arrested so far.
Questions have also arisen on whether action will be taken against the real-estate agents who brokered those deals.
In response to queries from BT, the Singapore Police Force confirmed the properties were transacted over the past few years.
The number of properties issued with prohibition-of-disposal orders has gone up from 94 to 105 after further investigations, the police said on Friday (Aug 18). The list of seven detached bungalows in Sentosa Cove, 79 condominium units (including 19 units under construction), and 19 commercial or industrial spaces, is estimated to be worth S$831 million. “These properties are owned by the persons under investigation who have either been arrested or wanted by the police, their spouses, or companies that are linked to these persons under investigation or their spouses,” the police said.
On Wednesday (Aug 16), 10 people aged between 31 and 44 were charged with offences including forgery, money laundering and resisting lawful apprehension. They were holders of passports from countries including China, Cambodia and Ni-Vanuatu, but all are said to have originated from Fujian in China.
The deals found by BT to be linked to those charged included sales of various prime-district condominiums and landed properties. Seven of the 10 were rounded up by the police in landed residences.
The police have told BT that the Good-Class Bungalows (GCBs) where the suspects were arrested are not owned by them. Foreigners are not allowed to buy landed properties in Singapore without approval, except for 99-year-leasehold houses on Sentosa.
“These GCBs are not part of the 105 properties issued with prohibition-of-disposal orders. The police have neither seized nor issued prohibition-of-disposal orders against any GCBs in relation to this case.”
Among those rounded up is Su Jianfeng, 35, who had 13 properties and four cars valued at over S$120 million. Prohibition-of-disposal orders have been issued on them. BT found at least two properties in the Ni-Vanuatu national’s name, transacted around May 2017. One was a unit in Commonwealth Towers, purchased for S$1.35 million, and the other, a 1,313 sq ft unit at The Meyerise on Meyer Road, which was acquired for S$2.93 million.
Su, who was arrested at a GCB on Third Avenue, is also linked to a deal involving a freehold shophouse at 28 Keong Saik Road, which is held in the name of a company.
Su Haijin, 40, was similarly issued with prohibition-of-disposal orders for 13 properties and five vehicles worth S$118 million. The former No Signboard Holdings director, who holds a Cypriot passport, was arrested at a GCB in Ewart Park. He reportedly jumped out of the second-floor balcony in a bid to escape and was found by the police hiding in a drain.
https://i.imgur.com/MYkKd8m.jpg
Su Haijin is the owner of a 1,658 sq ft unit in Wallich Residence. PHOTO: BT FILE
BT found a 1,292 sq ft unit in Gramercy Park on Grange Road, purchased in May 2018 for S$4.5 million under his name. He is also the owner of a 1,658 sq ft unit in Wallich Residence on Wallich Street.
Chen Qingyuan, 33, bought a 2,691 sq ft unit at New Futura on Leonie Hill in May 2018 for S$10.2 million.
https://i.imgur.com/9619ME9.jpg
New Futura, where Chen Qingyuan, 33, bought a unit in May 2018 for S$10.2 million. PHOTO: CDL
Wang Dehai, 34, owns the 11th floor unit at The Marq on Paterson Hill, where he was arrested. The holder of a passport issued by Cyprus bought the property in 2019 for S$23 million.
https://i.imgur.com/zTB3GT9.jpg
The Marq on Paterson Hill, where Wang Dehai, 34, bought a unit in 2019 for S$23 million. PHOTO: BT FILE
Members of the group also purchased landed homes. In March 2021, Cambodian national Su Baolin, 41, bought a 19,550 sq ft detached house on Ocean Drive in Sentosa Cove for S$39.3 million. He was arrested at a GCB in Nassim Road, and had seven properties and six vehicles valued at more than S$76 million to his name.
https://i.imgur.com/JzInLaZ.jpg
Zhang Ruijin, 44, and Lin Baoying, 43, were arrested at their bungalow in Pearl Island in Sentosa Cove. The photo shows unrelated but similar bungalows in the same development. PHOTO: BT FILE
Zhang Ruijin, 44, was arrested at his registered address on Pearl Island on Sentosa, a 19-unit leasehold bungalow development built by Chinese company Ximeng Land and completed in 2012. Houses in Pearl Island transacted at between S$15 million and S$27 million from 2010 to 2022.
At the time of his arrest, Zhang was living together with Lin Baoying, 43.
https://i.imgur.com/2h45qu5.jpg
Gramercy Park, where Lin Baoying owns a unit. ARTIST’S IMPRESSION: CDL
Prohibition-of-disposal orders have been slapped on nine properties and five vehicles worth over S$106 million owned by the pair.
Zhang is also linked to rental enquiries at two Wallich Residence units, while Lin owns a ninth floor unit in Gramercy Park on Grange Road.
On Wednesday, Lin and Zhang were charged with forgery in 2020, in relation to the sale of a property in Macau. They had allegedly falsified documents for the purpose of cheating CIMB Bank, and claimed to have sold and received proceeds of the property.
Vang Shuiming, 42, was arrested in a GCB in Bishopgate. The Turkish national was issued prohibition-of-disposal orders for four properties and three vehicles worth more than S$29 million.
Market talk has it that last year’s S$85 million sale of 20 units at CanningHill Piers is also linked to one of those arrested.
Whether the seized properties will be subsequently forfeited to the state, sold on the open market, returned to their rightful owners, or dealt with in other ways, would generally be decided after the close of criminal proceedings, said lawyer Cory Wong from Invictus Law Corporation.
Police investigations are ongoing. Apart from the 10 people already arrested, another 12 are assisting with investigations. Another eight persons are wanted by the police.
A Lianhe Zaobao report on Friday said about 60 property agents could be involved in the suspect property deals, and may be asked to assist in investigations.
Since Jun 28, 2023, the Urban Redevelopment Authority has required developers to conduct due-diligence checks on transactions of uncompleted residential and non-residential properties regulated under the Housing Developers (Control & Licensing) Act and Sale of Commercial Properties Act.
If developers suspect money laundering or terrorism financing activity, they are required to submit a report to the Suspicious Transaction Reporting Office of the Commercial Affairs Department.
Prior to this, property agents were already required to perform due-diligence checks on potential buyers and report suspicious transactions, under the Estate Agents Act.
Eugene Lim, key executive officer of ERA Realty Network, said that he had not received any information from the authorities that would affect any of the property agency’s transactions. ERA had about 8,800 agents as at Jun 30, and is the second-largest agency behind PropNex which has about 12,000 agents as at Jul 31.
A PropNex spokesman said: “We regret that because this matter is pending investigation by the authorities, we are unable to provide any comment.”
Huttons Asia chief executive Mark Yip said: “There is no visibility on what has transpired in this case. It would thus be speculative to say there are loopholes to be tightened.” He added: “All real-estate salespersons have a critical role to play to counter money laundering and corruption threats.”
BT has contacted the Council for Estate Agencies for comment.
https://www.businesstimes.com.sg/property/suspects-buying-singapore-properties-2017-105-mainly-residential-units-worth-s831-million
Aug 18, 2023
https://i.imgur.com/UXQznRk.jpg
Seven detached bungalows in Sentosa Cove are among the 105 properties issued prohibition-of-disposal orders.
PHOTO: BT FILE
THE group of foreigners linked to the billion-dollar money laundering case in Singapore has been picking up properties as far back as 2017, according to information obtained by The Business Times (BT) on deals linked to the 10 people arrested so far.
Questions have also arisen on whether action will be taken against the real-estate agents who brokered those deals.
In response to queries from BT, the Singapore Police Force confirmed the properties were transacted over the past few years.
The number of properties issued with prohibition-of-disposal orders has gone up from 94 to 105 after further investigations, the police said on Friday (Aug 18). The list of seven detached bungalows in Sentosa Cove, 79 condominium units (including 19 units under construction), and 19 commercial or industrial spaces, is estimated to be worth S$831 million. “These properties are owned by the persons under investigation who have either been arrested or wanted by the police, their spouses, or companies that are linked to these persons under investigation or their spouses,” the police said.
On Wednesday (Aug 16), 10 people aged between 31 and 44 were charged with offences including forgery, money laundering and resisting lawful apprehension. They were holders of passports from countries including China, Cambodia and Ni-Vanuatu, but all are said to have originated from Fujian in China.
The deals found by BT to be linked to those charged included sales of various prime-district condominiums and landed properties. Seven of the 10 were rounded up by the police in landed residences.
The police have told BT that the Good-Class Bungalows (GCBs) where the suspects were arrested are not owned by them. Foreigners are not allowed to buy landed properties in Singapore without approval, except for 99-year-leasehold houses on Sentosa.
“These GCBs are not part of the 105 properties issued with prohibition-of-disposal orders. The police have neither seized nor issued prohibition-of-disposal orders against any GCBs in relation to this case.”
Among those rounded up is Su Jianfeng, 35, who had 13 properties and four cars valued at over S$120 million. Prohibition-of-disposal orders have been issued on them. BT found at least two properties in the Ni-Vanuatu national’s name, transacted around May 2017. One was a unit in Commonwealth Towers, purchased for S$1.35 million, and the other, a 1,313 sq ft unit at The Meyerise on Meyer Road, which was acquired for S$2.93 million.
Su, who was arrested at a GCB on Third Avenue, is also linked to a deal involving a freehold shophouse at 28 Keong Saik Road, which is held in the name of a company.
Su Haijin, 40, was similarly issued with prohibition-of-disposal orders for 13 properties and five vehicles worth S$118 million. The former No Signboard Holdings director, who holds a Cypriot passport, was arrested at a GCB in Ewart Park. He reportedly jumped out of the second-floor balcony in a bid to escape and was found by the police hiding in a drain.
https://i.imgur.com/MYkKd8m.jpg
Su Haijin is the owner of a 1,658 sq ft unit in Wallich Residence. PHOTO: BT FILE
BT found a 1,292 sq ft unit in Gramercy Park on Grange Road, purchased in May 2018 for S$4.5 million under his name. He is also the owner of a 1,658 sq ft unit in Wallich Residence on Wallich Street.
Chen Qingyuan, 33, bought a 2,691 sq ft unit at New Futura on Leonie Hill in May 2018 for S$10.2 million.
https://i.imgur.com/9619ME9.jpg
New Futura, where Chen Qingyuan, 33, bought a unit in May 2018 for S$10.2 million. PHOTO: CDL
Wang Dehai, 34, owns the 11th floor unit at The Marq on Paterson Hill, where he was arrested. The holder of a passport issued by Cyprus bought the property in 2019 for S$23 million.
https://i.imgur.com/zTB3GT9.jpg
The Marq on Paterson Hill, where Wang Dehai, 34, bought a unit in 2019 for S$23 million. PHOTO: BT FILE
Members of the group also purchased landed homes. In March 2021, Cambodian national Su Baolin, 41, bought a 19,550 sq ft detached house on Ocean Drive in Sentosa Cove for S$39.3 million. He was arrested at a GCB in Nassim Road, and had seven properties and six vehicles valued at more than S$76 million to his name.
https://i.imgur.com/JzInLaZ.jpg
Zhang Ruijin, 44, and Lin Baoying, 43, were arrested at their bungalow in Pearl Island in Sentosa Cove. The photo shows unrelated but similar bungalows in the same development. PHOTO: BT FILE
Zhang Ruijin, 44, was arrested at his registered address on Pearl Island on Sentosa, a 19-unit leasehold bungalow development built by Chinese company Ximeng Land and completed in 2012. Houses in Pearl Island transacted at between S$15 million and S$27 million from 2010 to 2022.
At the time of his arrest, Zhang was living together with Lin Baoying, 43.
https://i.imgur.com/2h45qu5.jpg
Gramercy Park, where Lin Baoying owns a unit. ARTIST’S IMPRESSION: CDL
Prohibition-of-disposal orders have been slapped on nine properties and five vehicles worth over S$106 million owned by the pair.
Zhang is also linked to rental enquiries at two Wallich Residence units, while Lin owns a ninth floor unit in Gramercy Park on Grange Road.
On Wednesday, Lin and Zhang were charged with forgery in 2020, in relation to the sale of a property in Macau. They had allegedly falsified documents for the purpose of cheating CIMB Bank, and claimed to have sold and received proceeds of the property.
Vang Shuiming, 42, was arrested in a GCB in Bishopgate. The Turkish national was issued prohibition-of-disposal orders for four properties and three vehicles worth more than S$29 million.
Market talk has it that last year’s S$85 million sale of 20 units at CanningHill Piers is also linked to one of those arrested.
Whether the seized properties will be subsequently forfeited to the state, sold on the open market, returned to their rightful owners, or dealt with in other ways, would generally be decided after the close of criminal proceedings, said lawyer Cory Wong from Invictus Law Corporation.
Police investigations are ongoing. Apart from the 10 people already arrested, another 12 are assisting with investigations. Another eight persons are wanted by the police.
A Lianhe Zaobao report on Friday said about 60 property agents could be involved in the suspect property deals, and may be asked to assist in investigations.
Since Jun 28, 2023, the Urban Redevelopment Authority has required developers to conduct due-diligence checks on transactions of uncompleted residential and non-residential properties regulated under the Housing Developers (Control & Licensing) Act and Sale of Commercial Properties Act.
If developers suspect money laundering or terrorism financing activity, they are required to submit a report to the Suspicious Transaction Reporting Office of the Commercial Affairs Department.
Prior to this, property agents were already required to perform due-diligence checks on potential buyers and report suspicious transactions, under the Estate Agents Act.
Eugene Lim, key executive officer of ERA Realty Network, said that he had not received any information from the authorities that would affect any of the property agency’s transactions. ERA had about 8,800 agents as at Jun 30, and is the second-largest agency behind PropNex which has about 12,000 agents as at Jul 31.
A PropNex spokesman said: “We regret that because this matter is pending investigation by the authorities, we are unable to provide any comment.”
Huttons Asia chief executive Mark Yip said: “There is no visibility on what has transpired in this case. It would thus be speculative to say there are loopholes to be tightened.” He added: “All real-estate salespersons have a critical role to play to counter money laundering and corruption threats.”
BT has contacted the Council for Estate Agencies for comment.
https://www.businesstimes.com.sg/property/suspects-buying-singapore-properties-2017-105-mainly-residential-units-worth-s831-million