An iconic Beijing skyscraper which was seized from a fugitive businessman has sold in an online auction for over £600 million.
The Pangu Plaza Tower 5 was sold at £200 million less than its market value in a bid to recover money owed by Guo Wengui, who fled to the US in 2014 to escape a corruption investigation.
The 40-storey building was bought on e-commerce site Taobao by developers Beijing YuCheng Zhiye, according to the South China Morning Post.
Despite 145,000 people watching the auction, just two bids were placed, with the winning one only just over the reserve price.
Mr Guo, who is now based in New York, claimed in a YouTube video that the winning bid was just ten per cent of the building’s value.
He left China after falling out with the Communist Party leadership and maintains his innocence, claiming the charges against him are politically motivated.
IBM China are based in the building, which sits next to the Bird’s Nest Olympic Stadium.
