founder Zhang Li resigns as CEO

Guangzhou R&F Properties

29/12/2023 10:32

HONG KONG, Dec 29 (Reuters) - Chinese property developer
Guangzhou R&F Properties  2777.HK  said on Friday that
co-founder Zhang Li had resigned as chief executive officer and
as a director of the company, citing "other commitments which
require more of his time and dedication".
    Earlier this year, 70-year old Zhang admitted bribing a
former San Francisco official and entered into a deferred
prosecution agreement with U.S. prosecutors to avoid criminal
charges, according to a court filing.
    Under the agreement, the charge will be dismissed in three
years if Zhang abides by the terms, including paying
restitution.
    Zhang was also a co-chairman of the company, along with Li
Sze Lim. 
    The company's statement on Friday did not mention Zhang
resigning as co-chairman but he was no longer listed on the
company board in a separate filing. 

 (Reporting by Clare Jim; editing by Jason Neely)
 ((clare.jim@thomsonreuters.com;))