Two business people who defrauded hundreds of investors out of more than $130 million have been executed in China.

Du Yimin, a beauty parlor owner, collected more than $100 million from hundreds of investors by promising them monthly returns of up to 10 per cent from investments in property and mining businesses owned by her company.

Yimin, from eastern Zhejiang provinces, spent most of the money on houses, cars and luxury items, officials said on Thursday.

Si Chaxian, the second defendant, collected $24 million from 300 people by saying they could receive interest of up to 108 per cent.

'Millions missing'

Officials called the scam a "serious blow to social stability". The pair were executed on Wednesday, the official Xinhua News Agency reported.

Xinhua said $39.5 million was still missing.

China executes more people than any other country, but last month, a senior official for the Supreme People's Court, which reviews every death sentence, said the punishment should be used more sparingly.

Though usually reserved for violent crimes, death sentences are also applied for nonviolent offences that involve large sums of money or are seen to threaten social order.