Home›Global Markets›Emerging Markets›Chinese couple’s pig farm business collapses after wro…

Chinese couple’s pig farm business collapses after wrongful fraud arrest

The couple was detained in January 2023 before a new factory was fully operational, after they had bought land and sold six flats to finance expansion.

Reported · Written up by our desk · Emerging Markets

A couple in central China saw their business empire collapse and slide into debt after they were detained on suspicion of fraud, according to SCMP Economy. The couple, Wang Fei and his wife, Liu Sumin, built their operations from small-scale farming into two pig farms, later expanding into a medicinal herb cooperative and an agricultural technology company.

SCMP Economy reports that their businesses were valued at more than 60 million yuan, while their total assets exceeded 100 million yuan. In an effort to expand, they bought land for a new factory and sold six flats to help fund the project.

The arrest came in January 2023, when local police detained them on suspicion of fraud, before the factory was fully operational. SCMP Economy says the detention ultimately left them facing major financial strain after their plans unraveled.

More like this

Sources