image

Hong Kong MTR

MTR Corp sacks senior official over mainland China corruption investigation into Tiara property development

Other dismissals expected as mainland authorities investigate sale of units at corporation’s Tiara development at Shenzhen’s Longsheng metro station

PUBLISHED : Friday, 27 July, 2018, 6:57pm
UPDATED : Friday, 27 July, 2018, 11:41pm

Hong Kong’s railway operator, the MTR Corporation, has sacked a top official in its mainland China property unit and is preparing to dismiss other senior management after several employees became the target of a corruption investigation, according to a company source.

Felix Leung Ping-kin was sacked on Wednesday after at least two other managers were axed, the source said on Friday, adding “there are more sackings in the pipeline”.

The source said Leung and the others were dismissed after a corruption investigation was launched by mainland law enforcement over the 2015 sale of units at Tiara, a residential and commercial development in Shenzhen at the mainland city’s Longsheng metro station.

‘Don’t give rail giant MTR Corp property development rights at new stations’

The project was the MTR Corp’s first property project across the border. The development, which was built in 2011, sold 99 per cent of its units in two presale batches, according to the MTR Corp’s website.

An MTR Corp spokeswoman on Friday refused to comment on the reason Leung was sacked, saying the corporation did not comment on individual employees because of privacy concerns. She also refused to say if anyone else was dismissed.

Leung was involved in the sale of the Tiara project and was promoted to general manager in the MTR Corp’s Jingjinji Property division after the sale. Jingjinji Property is responsible for property development in Beijing, Tianjin and Hebei. The two mainland cities and province, with a combined population of 130 million, receive hundreds of billions of dollars from the central government for investments in transport and infrastructure.

MTR Corp gears up for opening of high-speed rail link to mainland China

Leung had decades of experience in executing the MTR Corp’s business model of developing and selling property projects to subsidise its rail services. He also specialised in administration, planning, designing and marketing property projects in Hong Kong and across the border.

He was at one time a senior survey officer with the Lands Department.

Deputy general manager Daniel Tang was now acting general manager of the MTR Corp’s property portfolio in Beijing, Tianjin and Hebei, according to an internal company document dated Thursday.

The corporation would begin recruiting for Leung’s position soon, the document said.