BEIJING —
China has announced it is investigating several executives at state-owned
property companies, in another blow to a key sector already struggling with
slowing sales, angry customers and heavily indebted developers.
اضافة اعلان
Authorities said
in separate notices on Tuesday that they were investigating Zhuang Yuekai,
chairman of C&D Real Estate, and Shi Zhen, chairman of C&D Urban
Services.
They are also
looking into Liu Hui, deputy general manager of Shenzhen Talents Housing Group,
and Tang Yong, a former chairman at China Resources Land.
All four were
“suspected of serious violations of discipline and law”, the notices said,
providing few details.
The language
used in the announcements, however, typically indicates impending graft
charges.
“This is a
continuation of China’s crackdown on corruption, from government agencies to
financial institutions, and to state-owned enterprises,” said Ting Meng, senior
Asia credit strategist at ANZ Bank.
As sentiment in
the sector is already weak, this news will “further suppress market confidence”
and increase concerns about the internal governance of some state-owned firms,
she told AFP.
The
investigations come ahead of the ruling Communist Party’s 20th National Congress,
at which President
Xi Jinping is widely expected to be anointed for an
unprecedented third term.
Xi has
championed an anti-corruption drive since coming to power, taking down big-name
detractors, and observers expect him to use the months leading up to the
meeting to cement his grip on power.
The probes
follow a regulatory crackdown on some of China’s biggest tech firms.
Authorities have
also in recent months announced investigations into figures in the
semiconductor industry, including minister for industry and information
technology Xiao Yaqing.
Regulatory chiefs,
insurance giants, security officials and financiers have faced censure or
prosecution under the anti-corruption drive, but it is rare for a minister to
be targeted while still in office.
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