China begins probes into four current and former SOE property bosses (updated)

C&D International Investment

24/08/2022 04:08

(Adds details on other probes)
    BEIJING, Aug 23 (Reuters) - Chinese authorities said late on
Tuesday they had launched investigations into four current and
former bosses of state-owned real estate firms on suspicion of
serious violations of discipline and law. 
     In separate announcements, local corruption watchdogs in
Sichuan province, the port city of Xiamen and the financial hub
of Shenzhen said the probes were into Tang Yong, Zhuang Yuekai,
Shi Zhen and Liu Hui, without elaborating on their cases.
    Reuters could not immediately reach the four men for
comment. 
    The news comes as China grapples with a property crisis that
has been a drag on its economy for the past year. urn:newsml:reuters.com:*:nL4N2ZA3EL
    Zhuang is the chairman of Xiamen-based C&D Real Estate
Group, which holds over 600 billion yuan  ($87.56 billion) in
assets, according to its website. He also holds positions at the
group's subsidiaries including Xiamen C&D Group  600153.SS , C&D
Holsin Engineering Consulting  603909.SS  as well as C&D
International Investment Group  1908.HK .
    C&D International Investment released a statement on Tuesday
confirming the probe.
    Shi is his colleague, whose positions at the group include
being party committee member at Xiamen C&D Group. Both are under
investigation by the Xiamen branch of China's Central Commission
for Discipline Inspection (CCDI).
    The Sichuan CCDI, meanwhile, said it was investigating Tang,
former chairman and CEO of China Resources Land  1109.HK , who
is described by local media as has having worked at various
units belonging to the property firm's parent, China Resources
Holdings, for 29 years.
    Liu, who is being probed by Shenzhen authorities, is the
deputy general manager of Shenzhen Talents Settlement Group. 

    ($1 = 6.8523 yuan)

 (Reporting by Beijing newsroom; Editing by Kirsten Donovan &
Shri Navaratnam)
 ((gao.liangping@thomsonreuters.com;))