Third Zhuhai State-Asset Chief Investigated in Widening Corruption Probe
Listen to the full version
Chinese anti-graft authorities have placed the head of Zhuhai’s state-owned assets regulator under investigation for severe disciplinary and legal violations, making him the third consecutive chief of the agency to be swept up in a widening corruption probe in the economic powerhouse of Guangdong province.
The April 2 announcement regarding Li Wenji, who also served as deputy secretary-general of the Zhuhai Municipal Party Committee, comes as investigators unravel a trail of massive public losses tied to local state bailouts of struggling private companies — including a disastrous investment in a supplier to crippled developer China Evergrande.
Unlock exclusive discounts with a Caixin group subscription — ideal for teams and organizations.
Subscribe to both Caixin Global and The Wall Street Journal — for the price of one.
- DIGEST HUB
Digest Hub
Back
- Li Wenji, head of Zhuhai state-owned assets regulator, investigated for violations; third consecutive chief probed after Li Congshan (2024) and Wu Aicun.
- Linked to public losses from state bailouts of private firms, including Evergrande supplier.
- Li, recommended by also-probed Guo Yonghang, chaired Zhuhai Aviation City Group; others surrendering amid anti-corruption wave.
- China Evergrande
- Zhuhai state-owned assets suffered massive public losses from bailouts of struggling private firms, including a disastrous investment in a supplier to crippled developer China Evergrande.
- Huafa Group
- Huafa Group is Zhuhai's flagship state-owned enterprise, mired in a liquidity crisis from the real estate downturn. Zhuhai actively supports its bailout amid probes into related public losses.
- Zhuhai Aviation City Group
- Zhuhai Aviation City Group was formed in May 2009 and merged with Zhuhai Airport Group three years later, operating as two brands under one team. Core businesses: civil aviation transport, general aviation, aviation industrial park development. Expanded into real estate and municipal engineering. Li Wenji became chairman in August 2019.
- Zhuhai Airport Group
- Zhuhai Airport Group merged with Zhuhai Aviation City Group (formed May 2009) three years later in 2012, operating as two distinct brands under one management. Core businesses include civil aviation transport, general aviation operations, and aviation industrial park development; expanded into real estate and municipal engineering. Li Wenji became chairman of Zhuhai Aviation City Group in August 2019.
- Gree Electric
- Gree Electric underwent restructuring under Guo Yonghang's tenure as Zhuhai party secretary, as part of state-owned asset reforms. Its removal from Zhuhai's balance sheet created a massive void, ushering in the "post-Gree era" and challenges to scale up other SOEs.
- PODCAST
- MOST POPULAR
Sign in with Google
Sign in with Facebook
Sign in with 财新