請英文高手幫我解析一下這個句子
Investigating what state media have dubbed the Shinghai's biggest financial
scandal in yeas, the Beijing audit team is probing allegations by central
govenment that city's already undercapitalized pension may have been used to
illegally finance various business deals and speculaive real estate projects.
這是出自於TIME雜誌第168期的文章
關於第三行的文法我一直看不懂
that指的是allegations嗎?
還有city's的"s"是所有格還是has?
pension和may之間是不是有省略一個關係代名詞?
還是我完全搞錯它的文法?
請高手指點
謝謝!
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