Real Estate Firm Ying Li International’s CEO Detained in Bribery Probe

(The Straits Times) — Chinese property developer Ying Li International Real Estate said its group CEO and Executive Director Hu Bing was detained by the authorities in Beijing on Dec 4 “due to his involvement in suspected bribery.”

Hu will cease as group CEO, executive director and a nominating committee member of the company with immediate effect, the mainboard-listed firm said in a Singapore Exchange filing on Monday morning (Dec 7).

During the interim period, the group CEO’s duties will be temporarily undertaken by Yang Haishan, a non-executive and non-independent director.

Ying Li said its Chinese legal counsel will be following up with the Beijing Municipal Public Security Bureau to obtain more information regarding the investigations.

It added that “insofar as the board is aware, the aforementioned matter is not related to the day-to-day operations of the company or the group,” and should not materially affect the normal business and operations.

Ying Li shares were trading down 3.9% at 11.34am on Monday.

This article was originally published by The Straits Times

Contact editor Yang Ge (geyang@caixin.com)

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