Shen Qingjing Accused of Profiting from Core Pacific City Land Sale to Repay Gambling Debts; Taipei Prosecutors Seek 26-Year Sentence and Over NT$600 Million Fine
Weijing Group Chairman Shen Qingjing has been indicted by Taipei prosecutors for alleged irregular transactions in the sale of Core Pacific City land, using over NT$2.9 billion to repay overseas gambling debts. Prosecutors are seeking a total of 26 years in prison and a fine exceeding NT$600 million for Shen and 12 others.
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- 📰 Published: May 8, 2026 at 12:27
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Central News Agency
(Central News Agency reporter Lin Chang-shun, Taipei, 8th) Weijing Group Chairman Shen Qingjing is suspected of engaging in irregular transactions during the Core Pacific City land auction, using over NT$2.9 billion to repay overseas gambling debts and for other purposes. Taipei prosecutors today indicted Shen Qingjing and 12 others on charges including violations of the Securities Exchange Act, seeking a total of 26 years in prison for Shen Qingjing and a combined fine exceeding NT$600 million.
According to the indictment, Core Pacific City Co. opened the Core Pacific City Department Store in Taipei City in October 2001. However, its revenue sharply declined from the second year after opening, leading to continuous losses. During the establishment of the department store, Core Pacific City Co. secured a syndicated loan of NT$12 billion from 18 financial institutions. By the principal repayment deadline, Core Pacific City Co. had not repaid the remaining loan principal of NT$9.85 billion as agreed, facing immense debt pressure.
Prosecutors stated that Shen Qingjing frequently engaged in large-scale gambling in overseas casinos, accumulating huge gambling debts. In 2014, under the names of 15 of his affiliated companies, he fabricated investment loan agreements with Macau Ruiliang Co., jointly signing fictitious contracts to disguise debts that were essentially gambling debts. After a settlement in litigation, Shen Qingjing's overseas gambling debts were reduced to NT$3.214 billion. By June 2019, Shen Qingjing's gambling debts and the total liabilities of Weijing Group's affiliated companies had reached NT$18.18 billion.
Prosecutors pointed out that to repay the syndicated loan to the banking group, Core Pacific City Co. began public auctions of the Core Pacific City land in March 2018. After three public tenders, all failed due to no bidders. China Petrochemical Development Corporation (CPDC) had no intention of bidding, but to immediately resolve Shen Qingjing's and Weijing Group's debts, then-CPDC Chairman Lin Kemin conspired with Shen Qingjing for CPDC to bid and acquire the land independently.
On September 25, 2019, CPDC resolved to authorize its wholly-owned subsidiary, Dingyue Co., to bid, with the bidding price capped at the highest price from three commissioned appraisal reports (NT$37.59 billion). The Dingyue Co. board meeting was merely a formality, swiftly passing a resolution to "authorize Dingyue Co. Chairman Zhu Yahu to decide the actual bidding price." However, it was actually Shen Qingjing who unilaterally decided the price and then instructed Zhu Yahu to fill out the bid form.
Prosecutors' investigation revealed that Shen Qingjing, then-CPDC Chairman's office legal counsel Chen Junyuan, and then-Weijing Group finance manager Zhang Zhicheng directly or indirectly induced and hinted to some appraisers to inflate valuations through various means. This led to numerous violations of appraisal norms in the appraisal reports. However, Lin Kemin, then-CPDC independent director and later chairman Chen Ruilong, independent director Zhu Yunpeng, then-CPDC general manager Yu Jiansong, then-CPDC finance vice president Chen Yingjun, and land development vice president Liu Yunzhi deliberately ignored this, laying the groundwork for Shen Qingjing's future premium bid.
Prosecutors stated that Shen Qingjing, Lin Kemin, Chen Junyuan, and Zhang Zhicheng knew that the actual market value of the land was only NT$30 billion. Instead of reasonably evaluating bidding strategies or adopting negotiation strategies, Shen Qingjing unilaterally decided to bid NT$37.201 billion, a price close to the reserve price of the first tender (NT$38 billion), with Zhang Zhicheng and Zhu Yahu jointly assisting in completing the bid.
Prosecutors pointed out that after Dingyue Co. won the bid and paid the final installment to Core Pacific City Co. on November 8, 2021, Core Pacific City Co. immediately distributed the land sale proceeds through a capital reduction process to 39 affiliated small companies substantially controlled by Shen Qingjing. Shen Qingjing instructed Zhang Zhicheng to disburse these funds under false pretenses and then issued 30 checks (totaling over NT$2.941 billion) to Ruiliang Taiwan Branch. This method allowed Shen Qingjing's personal criminal proceeds, diverted to repay overseas gambling debts or for overseas property purchases, to be intermediated and parked in the Ruiliang Taiwan Branch account.
Prosecutors stated that after Dingyue Co. won the bid for the Core Pacific City land, it signed a sales contract with Core Pacific City Co., agreeing to jointly seek increased floor area ratio benefits and share profits if successful. However, the two parties later had significant disputes over the timing and method of profit sharing for the increased floor area ratio. Shen Qingjing disregarded the objections of Dingyue and CPDC executives, insisting on prepaying the profit share to Core Pacific City Co.
Shen Qingjing appointed Zhu Yahu, Yu Jiansong, and Shen Qingjing's son Shen Huiting as chairman and directors of Dingyue Co., serving as rubber stamps to pass the resolution for "Dingyue Co. to prepay NT$500 million in profit sharing." Of the NT$500 million prepaid profit share by Dingyue Co., NT$250 million flowed into accounts of Weijing Group affiliated companies controlled by Shen Qingjing and into defendant Shen Qingjing's personal account for his private use.
Taipei District Prosecutors Office today indicted Shen Qingjing and 12 others on charges of special breach of trust under the Securities Exchange Act, irregular transactions, and violations of the Money Laundering Control Act. Prosecutors are seeking a total of 26 years in prison for Shen Qingjing and a combined fine of NT$605 million; 12 years in prison and a fine of NT$20 million for Chen Ruilong; 7 years in prison and a fine of NT$10 million for Lin Kemin; 7 years in prison and a fine of NT$10 million for Zhu Yunpeng; and a total of 9 years in prison for Zhu Yahu. The remaining defendants are also being prosecuted by the prosecutors.
In addition, Shen Qingjing's criminal proceeds, totaling over NT$2.792 billion, were layered and deposited into the Ruiliang Taiwan Branch account. Taipei prosecutors have applied to the Taipei District Court for seizure and have requested the court to confiscate over NT$3.1 billion in criminal proceeds. (Editor: Chen Renhua) 1150508
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(Central News Agency reporter Lin Chang-shun, Taipei, 8th) Weijing Group Chairman Shen Qingjing is suspected of engaging in irregular transactions during the Core Pacific City land auction, using over NT$2.9 billion to repay overseas gambling debts and for other purposes. Taipei prosecutors today indicted Shen Qingjing and 12 others on charges including violations of the Securities Exchange Act, seeking a total of 26 years in prison for Shen Qingjing and a combined fine exceeding NT$600 million.
According to the indictment, Core Pacific City Co. opened the Core Pacific City Department Store in Taipei City in October 2001. However, its revenue sharply declined from the second year after opening, leading to continuous losses. During the establishment of the department store, Core Pacific City Co. secured a syndicated loan of NT$12 billion from 18 financial institutions. By the principal repayment deadline, Core Pacific City Co. had not repaid the remaining loan principal of NT$9.85 billion as agreed, facing immense debt pressure.
Prosecutors stated that Shen Qingjing frequently engaged in large-scale gambling in overseas casinos, accumulating huge gambling debts. In 2014, under the names of 15 of his affiliated companies, he fabricated investment loan agreements with Macau Ruiliang Co., jointly signing fictitious contracts to disguise debts that were essentially gambling debts. After a settlement in litigation, Shen Qingjing's overseas gambling debts were reduced to NT$3.214 billion. By June 2019, Shen Qingjing's gambling debts and the total liabilities of Weijing Group's affiliated companies had reached NT$18.18 billion.
Prosecutors pointed out that to repay the syndicated loan to the banking group, Core Pacific City Co. began public auctions of the Core Pacific City land in March 2018. After three public tenders, all failed due to no bidders. China Petrochemical Development Corporation (CPDC) had no intention of bidding, but to immediately resolve Shen Qingjing's and Weijing Group's debts, then-CPDC Chairman Lin Kemin conspired with Shen Qingjing for CPDC to bid and acquire the land independently.
On September 25, 2019, CPDC resolved to authorize its wholly-owned subsidiary, Dingyue Co., to bid, with the bidding price capped at the highest price from three commissioned appraisal reports (NT$37.59 billion). The Dingyue Co. board meeting was merely a formality, swiftly passing a resolution to "authorize Dingyue Co. Chairman Zhu Yahu to decide the actual bidding price." However, it was actually Shen Qingjing who unilaterally decided the price and then instructed Zhu Yahu to fill out the bid form.
Prosecutors' investigation revealed that Shen Qingjing, then-CPDC Chairman's office legal counsel Chen Junyuan, and then-Weijing Group finance manager Zhang Zhicheng directly or indirectly induced and hinted to some appraisers to inflate valuations through various means. This led to numerous violations of appraisal norms in the appraisal reports. However, Lin Kemin, then-CPDC independent director and later chairman Chen Ruilong, independent director Zhu Yunpeng, then-CPDC general manager Yu Jiansong, then-CPDC finance vice president Chen Yingjun, and land development vice president Liu Yunzhi deliberately ignored this, laying the groundwork for Shen Qingjing's future premium bid.
Prosecutors stated that Shen Qingjing, Lin Kemin, Chen Junyuan, and Zhang Zhicheng knew that the actual market value of the land was only NT$30 billion. Instead of reasonably evaluating bidding strategies or adopting negotiation strategies, Shen Qingjing unilaterally decided to bid NT$37.201 billion, a price close to the reserve price of the first tender (NT$38 billion), with Zhang Zhicheng and Zhu Yahu jointly assisting in completing the bid.
Prosecutors pointed out that after Dingyue Co. won the bid and paid the final installment to Core Pacific City Co. on November 8, 2021, Core Pacific City Co. immediately distributed the land sale proceeds through a capital reduction process to 39 affiliated small companies substantially controlled by Shen Qingjing. Shen Qingjing instructed Zhang Zhicheng to disburse these funds under false pretenses and then issued 30 checks (totaling over NT$2.941 billion) to Ruiliang Taiwan Branch. This method allowed Shen Qingjing's personal criminal proceeds, diverted to repay overseas gambling debts or for overseas property purchases, to be intermediated and parked in the Ruiliang Taiwan Branch account.
Prosecutors stated that after Dingyue Co. won the bid for the Core Pacific City land, it signed a sales contract with Core Pacific City Co., agreeing to jointly seek increased floor area ratio benefits and share profits if successful. However, the two parties later had significant disputes over the timing and method of profit sharing for the increased floor area ratio. Shen Qingjing disregarded the objections of Dingyue and CPDC executives, insisting on prepaying the profit share to Core Pacific City Co.
Shen Qingjing appointed Zhu Yahu, Yu Jiansong, and Shen Qingjing's son Shen Huiting as chairman and directors of Dingyue Co., serving as rubber stamps to pass the resolution for "Dingyue Co. to prepay NT$500 million in profit sharing." Of the NT$500 million prepaid profit share by Dingyue Co., NT$250 million flowed into accounts of Weijing Group affiliated companies controlled by Shen Qingjing and into defendant Shen Qingjing's personal account for his private use.
Taipei District Prosecutors Office today indicted Shen Qingjing and 12 others on charges of special breach of trust under the Securities Exchange Act, irregular transactions, and violations of the Money Laundering Control Act. Prosecutors are seeking a total of 26 years in prison for Shen Qingjing and a combined fine of NT$605 million; 12 years in prison and a fine of NT$20 million for Chen Ruilong; 7 years in prison and a fine of NT$10 million for Lin Kemin; 7 years in prison and a fine of NT$10 million for Zhu Yunpeng; and a total of 9 years in prison for Zhu Yahu. The remaining defendants are also being prosecuted by the prosecutors.
In addition, Shen Qingjing's criminal proceeds, totaling over NT$2.792 billion, were layered and deposited into the Ruiliang Taiwan Branch account. Taipei prosecutors have applied to the Taipei District Court for seizure and have requested the court to confiscate over NT$3.1 billion in criminal proceeds. (Editor: Chen Renhua) 1150508
Stand with the facts, every sponsorship you provide is the power to protect press freedom.
Download the Central News Agency "First-hand News" APP to stay updated with the latest news.
Text, images, and videos on this website may not be reproduced, publicly broadcast, or publicly transmitted and used without authorization.