China begins probes into four current and former SOE property bosses

BEIJING : 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.

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, C&D Holsin Engineering Consulting as well as C&D International Investment Group.

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, 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)

 

Source: Reuters