China’s state-run auction house is auctioning luxury villa houses, including those built by billionaire Wang Jianlin, to pay back debts from its construction boom.
The sale, which has raised more than $50 billion so far, has also seen Wang sell some of his property holdings to make up for the losses, China Daily reported.
Wang Jianlian, the founder of China’s most famous construction company, is the richest man in China and has been accused of abusing his vast wealth to fund his personal interests.
The government has yet to reveal the amount of money Wang has paid out so far.
It is the first time the Chinese government has auctioned off property, the country’s state news agency Xinhua reported.
The auction was held on Thursday, the same day that Wang was detained for questioning on corruption charges.
He has denied wrongdoing.
He said he had bought the properties as a way to pay for his daughter’s studies.
He also owns other properties in the Chinese city of Wuhan, a city in western China’s Hubei province.
China has long seen a high-end luxury housing boom and is now home to the world’s largest population of Chinese people.
Many of the countrys wealthiest people have bought up large swaths of property in the past decade, driving up the cost of buying a home.