The former chairman of China United Petrochemical and former member of the National Committee, Xu Zhiming (previously known as Xu Zhiming), has had multiple properties fall into the hands of banks in recent years. A unit in Long Chau Rose Garden and an adjacent piece of land he personally held have recently fallen into the hands of the bank and were recently put up for auction by an auction house on August 20, with starting prices of 2.6 million and 6.8 million HKD respectively, both significantly dropping by more than half compared to the purchase prices. Notably, the aforementioned land that fell into the hands of the bank had previously experienced an illegal land occupation incident in 2020, involving the illegal occupation of over 35,000 square feet of government land. The Long Chau Rose Garden unit was priced at 2.6 million HKD, with a purchase price of 5.1 million HKD six years ago; the adjacent 6,300 square feet of land was priced at 6.8 million HKD, with a purchase price of 14 million HKD seven years ago. In addition, the Palace House at Triumph Gate was sold for 405 million HKD, a sharp drop of 70% compared to its asking price three years ago.