2011: Luo Yaping, “land granny”

2 comments November 9th, 2014 Headsman

On this date in 2011, China’s “land granny” was executed for plundering 145 million yuan ($23 million) from China’s swelling bubble in real estate.

Luo Yaping was head of a land sub-bureau in a district of Fushun, a city in northeast China — not an especially high position — and yet she was able to use her power over land development and compensation to accumulate a fortune in bribes and embezzled compensation,” according to Reuters.

Though anti-corruption investigators tarred her racket as “the lowest in class, biggest in sum and evilest in tactics,” neither the person nor her boodle were very big game at all for China’s bananas real estate market. Chinese conglomerates write budget lines for routine bribery far beyond what Luo feathered her nest with.

China’s new fortunes chasing after property — and vice versa — have given the country a wild kaleidoscope: astronomical urban rents; colossal speculative ghost cities awaiting tenants who might never arrive; and underhanded deals among developers and government officials to split up the spoils. Average housing prices across the country tripled from 2005 to 2009.

Whatever the inanities of the market, more buyers have always been there because real estate has long been seen in China as one of the few fairly reliable places to put one’s money. In fact, China’s newly minted millionaires have even globalized the real estate markets of some European and North American cities.

But for China’s 99% the tectonic social changes so profitable to builders are full of dislocations; probably fewer people feel kinship to a grandmother waxing fat on the boom than to a grandmother literally buried alive by ravenous builders.

It would take deeper knowledge than this site can pretend to to figure why the Land Granny in particular got fitted for the harshest sanction, but it seems reasonable to presume that in carrying it out China had a mind to redress some grievances.

China’s real estate sector has continued to go great guns in the years since Luo died — only recently as of this writing (in 2014) showing signs of faltering.

On this day..

Entry Filed under: 21st Century,Capital Punishment,China,Common Criminals,Crime,Death Penalty,Execution,History,Lethal Injection,Pelf,Ripped from the Headlines

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