Former Greentown China chairman charged with accepting HK$20 million in bribes

Hong Kong's Independent Commission Against Corruption (ICAC) has charged Zhang Yadong, the 58-year-old former chairman of Greentown China Holdings Limited, with conspiracy to accept advantages. The charges relate to allegations that Zhang accepted HK$20 million (US$2.5 million) in bribes from a shareholder of a Dalian estate developer.

According to the ICAC, the bribes were offered in exchange for causing Greentown China to acquire equity interests in the developer's Dalian real estate project for RMB440 million. The alleged conspiracy, which took place between January 2020 and March 2023, involved Zhang, a middleman, the Dalian developer's shareholder, and Zhang's own son.

Investigators believe the shareholder had been attempting to sell the Dalian project to Greentown China since 2019. Zhang allegedly solicited the bribes through the middleman, with the funds suspected to have been deposited into his son's bank account in multiple payments. Greentown China Holdings Limited has reportedly rendered full assistance to the ICAC during its investigation. The case was scheduled for mention at the Eastern Magistrates' Courts.