Zhaoji Group Accused of Illegal Fundraising! Hua Jingqun Claims He Wasn't Close to Former Chairman Lee Chien-cheng, But Hsu Fu Presents Evidence: Don't Evade Responsibility

Taiwan's leading rental management firm, Zhaoji Group, and its affiliated companies—Zhao Ji Investment and Hermit Crab Management Consulting—have reportedly failed to repay issued corporate bonds. Media reports indicate that Lee Chien-cheng, former chairman of Zhaoji, raised over NT$1 billion through corporate bonds issued via these companies, but allegedly misappropriated nearly NT$700 million to purchase luxury cars, high-end designer goods, and repay personal debts.

Hua Jingqun, chairman of the National Housing and Urban Renewal Center, recently claimed he was not close to Lee Chien-cheng. However, Taipei City council candidate Hsu Fu of the Taiwan People's Party presented records of multiple interactions between Hua and Lee, questioning: "Is this what Hua calls 'not close'? Hua must stop evading responsibility."

On the 12th, the Taiwan People's Party held a press conference at its central headquarters titled "Lai Administration's Social Housing Broken Promises: Rental Management Leaders Turn into Fraud Hotspots." Attendees included Taipei City council candidates Wu Yi-hsuan and Hsu Fu, as well as complainants from the Zhaoji case.

Mr. Lin, representing over 300 victims, stated that he invested in Zhaoji due to trust in the government's social housing policy. Zhaoji explained the issuance of corporate bonds by citing delays in government disbursements. As a government-certified reputable company, with Acer investing in Zhaoji in 2024 and endorsement from the National Development Fund, investors' confidence was further strengthened—only to become victims of fraud. The incident erupted on August 1 when investors did not receive their interest payments.

Mr. Lin revealed investigation results from Taiwan's Investigation Bureau, showing that Lee Chien-cheng misappropriated NT$700 million to buy luxury cars and designer goods for his ex-wife. The remaining funds are believed to have been transferred to Cambodia for real estate speculation. He urged prosecutors to immediately freeze Lee's assets and deliver justice to victims.

Another complainant added that Zhaoji's financial issues emerged as early as April, yet Lee allowed employees to continue issuing corporate bonds, further deceiving investors. During negotiations, Lee shifted blame to former CEO Lin Yu-jen, urging authorities to thoroughly investigate the fund flows.

Wu Yi-hsuan publicly revealed Zhaoji's investment prospectus, pointing out that Zhaoji used government social housing bids as a selling point to attract bond investors. Investors trusted government-backed projects and central government support, only to find their funds diverted and used for illegal fundraising and embezzlement.

Wu questioned: "What kind of oversight did the Lai administration conduct?" She asked about the relationship between Hua Jingqun and Lee Chien-cheng, whether the government properly assessed Zhaoji's financial health and debt levels, and what oversight actions were taken toward Zhaoji, Taiwan's rental management leader. She emphasized that without clear answers, the public cannot trust the rental management system or believe in housing justice.

Hsu Fu noted that investors trusted Zhaoji due to government endorsement, but now their life savings are at risk. Landlords and investors want to know: Where did the money go? How can it be recovered? He revealed that Zhaoji transferred funds to Cambodia to build luxury high-rises for speculation. Hua Jingqun, who endorsed Zhaoji, failed to supervise beforehand and now claims he wasn't close to Lee, completely distancing himself. Hsu criticized Hua for playing word games and evading responsibility, especially after Hua blamed former TPP chairman Ko Wen-je for being close to Lee.

Hsu presented evidence: In 2019, Hua and Lee celebrated the Dragon Boat Festival together; in 2020, Hua publicly praised Lee on Facebook; in 2023, Hua attended Zhaoji's year-end party; in December 2024, the two took a photo before a hiking trip; in 2025, "CommonWealth Magazine" reported that they privately exchanged rental market information. Hsu criticized: "Is this what Hua calls 'not close'? Stop hiding behind semantics and evading responsibility."

Additional exclusive reports from Storm Media: - "Is Zhaoji in deep trouble? Acer took over just two days prior, and Chairman Li Wen-hsiang 'discovered internal flaws' and quickly stepped down." - "Zhaoji Group, Taiwan's top rental management firm, faces a crisis with hundreds of billions in debt! Chairman admits investment failure, corporate bonds hard to repay." - "Zhaoji Group involved in illegal fundraising! Taiwan People's Party accuses Hua Jingqun of becoming a 'national-level landlord,' complicit in fraud?"