China is investigating the former chairman of state-owned developer China Resources Land Ltd., the latest executive to face scrutiny for suspected misconduct in the country.
(Bloomberg) — China is investigating the former chairman of state-owned developer China Resources Land Ltd., the latest executive to face scrutiny for suspected misconduct in the country.
Tang Yong is being probed on suspicion of severe disciplinary and legal violations, the Sichuan branch of China’s discipline inspection body said on its WeChat account Tuesday.
China has been investigating a string of high-profile officials and executives in the run-up to a sensitive Communist Party congress where key leadership positions will be decided. The country recently announced investigations into top executives in a state-backed semiconductor fund as well as Minister of Industry and Information Technology Xiao Yaqing.
Shares of China Resources Land dropped as much as 3% in Hong Kong trading. The stock has lost more than 5% this year.
China Resources Land has been embroiled in the country’s property downturn. The developer could suffer another blow from weak contracted sales, which fell 26.6% in the first half, according to Bloomberg Intelligence.
Tang, a Henan native, became chairman of China Resources Land in 2019, a role he held for less than a year. He later joined an energy unit of state-owned conglomerate China Resources Group.