Although they are of similar age and both from Nanjing, there is no evidence to prove that the two Hu Zhenyus are the same person.

1. Criminal Hu Zhenyu On December 6, 2025, a luxury property was sold on Taobao’s judicial auction platform. The property, located in Shenzhen’s Island City Garden, is a premium sea-view unit spanning 259 square meters with five bedrooms, two living rooms, four bathrooms, a maid’s room, and a balcony. Its assessed reference price was 41 million yuan.

During the auction, multiple bidders competed actively, and after 31 rounds of bidding over an hour, the property was sold for 42.59 million yuan to a buyer named He Yurong.

Court documents attached to the auction page revealed that the property was seized as part of Hu Zhenyu’s criminal case, with proceeds to be returned to the victimized institution.

A total of 18 properties in Shenzhen were involved, with a combined reference valuation of 197 million yuan.

Records indicate that Hu Zhenyu, born in 1977, resides in Shenzhen and holds a Nanjing-based ID card (issued in Qixia District, Jiangsu Province). The legal documents provide no further details on how he acquired these properties.

2. Minsheng Bank Employee Hu Zhenyu News reports show that a Minsheng Bank employee in Shenzhen, also named Hu Zhenyu, was investigated for involvement in a case.

This Hu Zhenyu previously worked in the bank’s real estate finance division in Shenzhen, later becoming its head. After risks in the real estate sector emerged, he was demoted to a regular employee until the investigation began.

His division had been responsible for dealings with Baoneng Group.

On January 21, 2019, shortly before the real estate downturn, Minsheng Bank and Baoneng Group signed a "comprehensive strategic partnership" agreement. Attendees included Minsheng’s then-president Zheng Wanchun, vice president Shi Jie, Baoneng’s chairman Yao Zhenhua, and Hu Zhenyu.

Post-agreement, Minsheng’s loans to Baoneng reportedly peaked at over 5 billion yuan, all processed through Hu Zhenyu’s division.

3. Investigation into Minsheng Bank’s Hu Zhenyu By 2021, as real estate financial risks surfaced, banks shifted from lending to recovering loans. Minsheng disbanded its real estate finance division, reassigning staff to local branches.

Hu Zhenyu was demoted to a regular employee in Shenzhen, tasked with debt recovery.

When he attempted to resign, Minsheng withheld approval and confiscated his passport. After suing the bank, an investigation was launched against him.

Reports indicate he tried fleeing to the China-Myanmar border but was arrested in Nanjing.

The case raises questions: if loan kickbacks were used to buy property, could they account for exactly 18 units in Shenzhen?