Ex-Greentown China Chair Charged Over Bribes

The ICAC has charged former Greentown China chairman Zhang Yadong for allegedly accepting a bribe of 20 million dollars to facilitate a property acquisition in Dalian.

58-year-old defendant Zhang Yadong is the former chairman of Greentown China Holdings Limited.

Greentown China announced in June that the ICAC searched its main office in Hong Kong.

The ICAC said Zhang allegedly conspired with his son and a middleman between 2020 and 2023 to accept 20 million dollars from a shareholder of a Dalian property developer, resulting in Greentown China acquiring the developer's interest.

Investigations revealed the shareholder had been pitching a Dalian property project to Greentown China since 2019.

Zhang then allegedly solicited a bribe through the middleman to facilitate the company's purchase of the project for 440 million yuan.

The bribe was suspected to have been deposited into Zhang son's bank account in multiple instalments through the middleman.

Zhang is charged with conspiracy for an agent to accept advantages.

At the Eastern Magistrates' Courts, Zhang is granted cash bail of one million dollars.

The magistrate adjourns the case to January next year pending further ICAC investigations.