Heirless Fortune of 94-Year-Old Overseas Chinese Set to Go to the State

Millions of yuan in savings left by a 94-year-old overseas Chinese in Shanghai are now poised to go to the state, after a court confirmed he had no heirs to inherit his fortune.

The Pudong New Area People's Court recently ruled that the civil affairs bureau will serve as administrator of the estate of Liu, a US citizen of Chinese origin who died in early 2023. Liu left no will, spouse, or children – and as an only child, he had no immediate relatives eligible to inherit, Jiefang Daily reported.

His deposits, held across several foreign-funded banks in China, total several million yuan. With no legal heirs, the estate falls under the "unclaimed property" procedures set out in the Civil Code, which assigns such assets to the state after public-notice periods.

Although Liu held US nationality, Chinese law applies because all assets were located in China.

Despite spending decades abroad, Liu maintained close ties to his hometown. In the 1980s, he donated to education and cultural projects in his hometown and later returned to China, spending his final years in Shanghai.

Under the court's decision, the civil affairs bureau will issue public notices, verify debts, and settle any outstanding payments.

If no heirs or creditors come forward during a year-long notice period, the remaining assets will be transferred to the state and used for public welfare.