The head of a State-owned company in Suqian, Jiangsu province, has been jailed for embezzling more than 60 million yuan ($9.7 million), Modern Express reported on Monday.

The fraudster, surnamed Hu, began taking money from the company in 2009 and lent some to a real estate developer. He was later given a large discount when he bought a house from the developer.

Hu also lent money to other companies, including one that he held shares in, and received large payments in return. He was sentenced to seven years.