Billionaire Chinese developer Zhang Li arrested over US bribery charge
- The Guangzhou R&F Properties co-founder was detained in London and is fighting extradition to the US to face accusations of paying kickbacks to secure contracts
- Zhang, a former government official, was granted a record US$18.4 million bail, and will be confined 24 hours a day to a 43rd-floor apartment in the UK capital
The billionaire co-founder of Chinese property developer Guangzhou R&F Properties Co. Ltd., Zhang Li, is wanted in the US over allegations he provided kickbacks to secure contracts in California.
Zhang, a former government official who rose to lead one of China’s largest real estate firms, was arrested on November 30 by London police and is facing extradition proceedings. He is contesting his transfer to the US.
Judge John Zani granted bail of £15 million (US$18.4 million) on Monday at Westminster Magistrates’ Court, the joint highest sum ever recorded for the UK courts.
He will be confined 24 hours a day in an apartment on the 43rd floor of a London tower, monitored by security and CCTV.
The 69-year old Zhang is alleged to have “provided kickbacks and funds to co-conspirators in order to obtain the appropriate permits for a construction project”, according to a court listing.