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VP of Troubled Real Estate Firm ‘Missing’ After Run-In With Authorities

By Wang Jin, Zhao Runhua and Tanner Brown / Apr 16, 2019 04:31 PM / Politics & Law

Photo: VCG

Photo: VCG

A senior executive of a troubled luxury real estate firm has gone missing, little more than a week after he was taken away by Shenzhen’s local corruption watchdog, Caixin has learned.

Yu Zhisheng is a vice president of Tahoe group, a property firm that has had mounting legal and financial problems in recent months.

Chinese reports said that Yu could not be reached by phone over the last few days — which is uncommon for a high-level executive who was frequently in contact with business partners and colleagues.

Sources told Caixin that his run-in with authorities, around April 5, came just days after Tahoe was suspected of shady stock-related dealings. In January, a Bloomberg poll of analysts eyed the company as the Chinese developer most at risk of defaulting on its debt.

It was unclear if Yu was still being held by authorities or was simply out of touch for other reasons. Neither Tahoe nor the government has issued an official statement regarding Yu’s situation.

Tahoe said it is looking into the issue, and that executive Chen Bo would temporarily take over Yu’s responsibilities.

Before joining Tahoe, Yu was a Communist Party official in Shenzhen. Yu had connections with local official Li Huanan, who was removed from his posts and expelled from the Communist Party in 2018. Yu was also close to Zhang Wei, who was arrested last week by the Shenzhen public security department for gang-related crimes.

Related: Regulator Smells Rat in Tahoe Group Issuance Plan

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