The 5 Hells

Typically in Chinese folk religion, there's no one canonical set of beliefs but different interpretations of the various elements of Buddhism, Taoism, Confucianism and probably some collective folk memory of earlier beliefs. The concept of "hell" in itself is very different from the idea that's brought across by Judeo-Christian beliefs.

So to say for certain whether or not there's such a belief, I'd say there probably is in some circles. The more "mainstream" understanding is in the 18 levels of hell but I've heard of many others.