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Last Update2025-07-01
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Event Overview
A second-hand McLaren supercar, originally priced at 4 million RMB, was auctioned for 892,800 RMB on Alibaba's judicial auction platform. The car, owned by a former chairman of a rural commercial bank, is linked to a 4.1 billion RMB embezzlement case. The auction concluded at the starting bid price.
Event Timeline
Former Bank Chairman's McLaren Sold for 89,000 Yuan Amid Embezzlement Scandal
A high-profile auction recently conducted on Alibaba's asset judicial auction platform saw a second-hand McLaren 650S Spider sell for just 89,280 Yuan, significantly lower than its original price of approximately 4 million Yuan. The vehicle, which has a production date of 2014 and a mere 5,600 kilometers of mileage, was auctioned off as part of the assets of Dong Yingzhi, the former chairman and legal representative of the Jilin Baishan Jiangyuan Rural Commercial Bank. Dong was convicted of embezzlement, having illicitly gained over 4.138 billion Yuan, which led to a prison sentence of 10 years and 6 months, along with the confiscation of personal assets totaling 4.5 million Yuan. This specific McLaren was recovered as part of the investigation into Dong's crimes, with its auction price reflecting a portion (817,600 Yuan) of his illicit earnings.
During Dong's tenure, his bank refused to fulfill obligations set by a court ruling in 2021, earning a designation as a dishonest executor from the Nanchang Railway Transport Intermediate Court. The institution faced ongoing legal challenges linked to loan guarantee disputes as per its professional commitments. Additionally, Dong held executive positions in various other companies despite restrictions outlined in the Banking Law of the People's Republic of China, which prohibits dual employment in financial institutions. The auction drew significant attention, with over 14,000 views, but only one registered bidder, resulting in the car selling at its starting price and highlighting the financial turmoil surrounding the former bank chairman.