Chinese real estate mogul extradited to US on bribery charges over San Francisco project
R&F Properties has distanced itself from the deal, stating the company had no interest in the allegedly illicit San Francisco project
A Hong Kong real estate mogul is set ot be extradited to the U.S. to stand trail on bribery charges.
Guangzhou R&F Properties co-founder Zhang Li was arrested Nov. 30 in London for extradition.
The real estate billionaire is facing charges of bribery in relation to a development project in San Francisco via Z&L Properties, according to the South China Morning Post.
Z&L Properties is owned by Zhang.
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An aerial view of the San Francisco city skyline Oct. 28, 2021. (REUTERS/Carlos Barria / Reuters Photos)
R&F Properties stated that Zhang is facing bribery charges "for hosting a dinner in China for a former public affairs executive in San Francisco and providing him with hotel accommodation," according to its official WeChat.
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Hong Kong (iStock / iStock)
The company distanced itself from the San Francisco project, stating that its co-founder was acting separately from the company and that R&F had "no interest" in the development.
A view shows the downtown skyline of San Francisco June, 29, 2022. (REUTERS/Carlos Barria / Reuters Photos)
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R&F has not posted bail for its co-founder and has said Zhang's legal issues will have no bearing on its business moving forward.