I can understand a harem of mistresses ( or mistri?), but why 374 houses?
For starters, it's got nothing to do with my username.
And; a suspended death sentence - does this mean he's hanging, waiting to die?
No, they basically put him in a nice jail for a while, then find some way to weasel him out and then sort of hide him. It's the current method of saving face and yet saving their skins. There is the possibility that he may write a self-criticism and then be rehabilitated, but I won't speculate.
From the Western perspective, not ideal, but at least it beats the old way of purging disgraced officials by having them killed. Or the even older way, which was for the emperor to order him beaten to death and his clan exterminated. Or any other of the unbelievable number of government-administered punishments our Chinese leaders have had 5000 years to invent.