Sincere Holding denies chairman Wu Xu is subject of graft inquiry

PUBLISHED : Thursday, 29 May, 2014, 4:27am
UPDATED : Thursday, 29 May, 2014, 4:27am

A property company in Chongqing has denied a report that its chairman is under investigation for corruption.

Wu Xu was helping with a graft inquiry, but was not the target of the investigation, an official at his company, Chongqing Sincere Holding Group, said.

Wu, 51, has been taken away by Communist Party anti-corruption investigators over his alleged business links to the state-run conglomerate China Resources, the Economic Observer reported.

The government's anti-graft watchdog announced last month that China Resources former chairman Song Lin was at the centre of a corruption investigation.

Ren Zhou, the director of communication at Sincere Holding, said Wu was "purely assisting with the investigation".

"It is the duty of a citizen to help the authorities with official investigations," he said. "The company is operating normally."

Sincere Holding has worked with China Resources Shenzhen International Trust, a subsidiary of China Resources that helped finance one of its development projects in 2010, according to the Economic Observer.

Sincere Holding is one of the biggest property firms in Chongqing with total assets of over 42 billion yuan (HK$52.7 billion), according to the company's website.

It was involved in 32 projects around the country, its website said.