Facebook Twitter 新浪微博 Instagram YouTube Monday, Jul 3, 2017
Search
Archive
English>>

Man behind futuristic elevated bus in China detained for illegal fund raising

By Hu Shaocong (CNTV)    11:14, July 03, 2017

Remember the road-straddling bus that hit north China's Qinhuangdao last summer?

One year has passed since the road congestion-easing project gained global attention and it has been proven to be a hoax. The project developer was detained on grounds of illegal fund raising, according to Beijing police late Sunday.

The Transit Elevated Bus (TEB) rolled off production line last July, with claims it could carry hundreds of passengers and was able to ease chronic traffic congestion as it drives over vehicles.

The project's test launch was high profile, with videos and pictures going viral at that time.

According to the police, Beijing-based e-finance company Huaying Kailai was behind the hype, and advocated its crowd funding, claiming it would be a public-private partnership (PPP) supported by the local government.

Bai Zhiming, the CEO of Huaying Kailai, together with 31 others, was detained by the police in late June for illegal fund raising.

The TEB was relocated to a nearby parking garage on June 21, and the 300-meter testing tracks were removed by local officials. The website of the developer, TEB Technology Development, also controlled by Bai, was later found being taken off.

Investigation into the case continues.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)
(Web editor: Du Xiaofei, Bianji)

Add your comment

Most Read

Hot News

We Recommend

Photos

prev next