Two senior executives of state-controlled property developer Financial Street Holdings have been detained as part of a Communist Party investigation over their alleged links to Lu Xiwen, the disgraced former deputy party boss of Beijing, mainland media reported yesterday. “Board directors Wang Gongwei and Ju Jin are under party discipline investigation,” the company said in a statement. Financial Street Holdings is the biggest state-owned commercial property developer in Xicheng district and is controlled by Financial Street Investment Group, which is a Xicheng district government-owned company and has a 27 per cent stake in Financial Street Holdings. Read more: A tiger down in every province: senior official becomes first in Beijing to be probed for graft Wang, who is also the party secretary of Beijing Financial Street Investment Group, started working in the Xicheng district government in 1984 and is deputy director of the Xicheng district people’s congress. He became chairman of Financial Street Holdings in 2000. Ju Jin, 52, is the group’s general manager and was head of the Beijing youth league’s publicity department. The detentions come after the announcement last Wednesday that Lu had been sacked and was under investigation for alleged severe violations of party discipline, a stock phrase for corruption. Lu was Xicheng district’s head from 1999 until she was transferred to lead the city’s organisation department in 2006. Read more: Action must back up talk of reforms for corruption to be truly tamed Lu has had close ties to Financial Street, according to Thepaper.cn. Lu appeared in Huizhou with Wang in 2008 inspecting a luxury hotel backed by the company. Lu also attended the opening of a luxury hotel in Tianjin with group general manager Liu Shichun in 2011. The company has developed 4 million square metres of property in Beijing’s downtown Financial Street area, home to the People’s Bank of China and a plethora of domestic and foreign financial institutions. The company owns 59 properties across the country, including 22 in Beijing, 11 in Tianjin and four in Shanghai. The company’s land reserves and property in Beijing alone are valued at more than 40 billion yuan (HK$48.6 billion), according to Jiemian.com.
