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Largest private museum in China debt-ridden, boss missing
http://www.ecns.cn/cns-wire/2016/07-27/220085.shtml
Jul 27th 2016, 16:44
Wednesday Jul 27, 2016
Longsheng Museum in Shenzhen City, Guangdong Province has closed its door. (Photo/Shenzhen Evening News)
(ECNS) -- Longsheng Museum in the southern Chinese city of Shenzhen, Guangdong Province, known as the largest private museum in China, has been ordered to move out of its rental site by a local court for failing to pay rent, which might be the tip of the iceberg in widespread financial issues.
Located in a modern complex, the museum boasted 300 items in five halls dedicated to jade, porcelain, bronze ware, calligraphy and painting. It claimed that half of the collection was overseas Chinese relics purchased back by owner Cai Zhenqiang.
Cai has said that the exhibition included a statue plundered by Anglo-French forces when they invaded the Old Summer Place in 1860 and that he also paid a heavy price to bring back a tri-colored glazed pottery relic from the Tang Dynasty (618-907) during an auction in Japan.
According to investors, Cai built up fame for his wealth, was touted as a billionaire, and made hefty investments in culture and art. But he stopped paying rent for the museum space in March 2015, with the property owner taking legal action in September.
The museum, opened for less than one year, now owes 12 million yuan ($180,000) in back rent.
Cai and his company already face 25 lawsuits as his two investment companies either closed or went under new ownership. But it is the court's verdict that has driven investors to rush to the city to ask their money back from Cai, who remains missing.
He was said to be behind a peer-to-peer online lending platform that used the collection as collateral for fund-raising. Cai's debts rose to more than 100 million yuan, an investor told the local Shenzhen Evening News.
An insider said Cai also borrowed money from individuals in addition to the online financing program that had 2,470 members.
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