In a flurry of announcements this week, authorities said they were investigating at least four current and former top managers, including Xiamen C&D Real Estate chairman Zhuang Yuekai, who is suspected of “serious” law violations.
Liu Hui, deputy general manager of state-owned Shenzhen Talents Housing Group, for “serious” law violationsZhuang is also chairman of C&D International Investment Group, which tumbled as much as 30% in Hong Kong stock trading on Wednesday morning. Investing in China is becoming increasingly precarious after Xi clamped down on broad parts of the private sector, including the real estate industry and big technology companies. Several China Construction Bank executives have come under scrutiny this year for their links to property developers.
Meanwhile, the property sector’s more than year-long sales slump is hammering earnings. Powerlong Real Estate Holdings became the latest developer to issue a profit warning on Wednesday, saying core profit may have dropped as much as 37% in the first half from a year earlier.
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