Guangzhou R&F Properties Shanghai Unit Ordered by Court to Repay $165 Million to 2 Financial Institutions or to Auction 1 Shanghai Project, Share Value at $580 Million with Share Price -36.6% in 2023 & -91.3% over 5 Years, Co-Chairman Zhang Li Reached $1.05 Million Settlement with United States for Bribery to Win Permits for Projects in San Francisco
11th August 2023 | Hong Kong
Guangzhou R&F Properties Shanghai unit had been ordered by a China court to repay $165 million (CNY 1.2 billion) to 2 financial institutions or to auction 1 Shanghai project. R&F Properties share value is currently at $580 million (HKD 4.5 billion) with share price declining -36.6% in 2023 and -91.3% over 5 years. Earlier in July 2023, Guangzhou R&F Co-Chairman & billionaire Zhang Li reached a $1.05 million settlement with United States prosecutors for bribery to win permits for projects in San Francisco. Zhang Li (Z&L Properties) will pay a $1 million fine and himself will pay a separate fine of $50,000, with no further legal actions if all terms of agreement are fulfilled within 3 years. More info below.
“ Guangzhou R&F Properties Shanghai Unit Ordered by Court to Repay $165 Million to 2 Financial Institutions or to Auction 1 Shanghai Project, Share Value at $580 Million with Share Price -36.6% in 2023 & -91.3% over 5 Years, Co-Chairman Zhang Li Reached $1.05 Million Settlement with United States for Bribery to Win Permits for Projects in San Francisco “
Guangzhou R&F Co-Chairman & Billionaire Zhang Li Reaches $1.05 Million Settlement with United States for Bribery to Win Permits for Projects in San Francisco, Arrested in London in 2022 December & Agreed Extradition to United States in 2023 June to Face Criminal Charges
21st July 2023 – Guangzhou R&F Co-Chairman & billionaire Zhang Li has reached a $1.05 million settlement with United States prosecutors for bribery to win permits for projects in San Francisco. Zhang Li (Z&L Properties) will pay a $1 million fine and himself will pay a separate fine of $50,000, with no further legal actions if all terms of agreement are fulfilled within 3 years. Former San Francisco (United States) Department of Works director Mohammed Nuru (84 months jail) had received bribes and benefits to help to speed up the progress of Zhang Li property development at 555 Fulton Street (Fillmore district, San Francisco). Zhang Li had also been reported to be selling his properties in United States, including 555 Fulton Street & Richmond Ranch. In 2015, Z&L Properties (controlled by Zhang Li & Li Sze-Lim) had acquired a project in San Francisco (325 Fremont Street) for $28.5 million. The charge alleged Zhang Li had offered bribes (kickbacks) from 2015 to 2020. Zhang Li had been freed on bail of more than $18 million (£15 million). Zhang Li co-founded Guangzhou R&F with Li Sze-Lim in 1994. Today, it is one of the largest property group in China. Zhang Li has an estimated fortune of around $2 billion.
Guangzhou R&F Co-Chairman & Billionaire Zhang Li Agrees to be Extradited from London to United States to Face Criminal Charges, Arrested in London for Bribery to Win Permits for Projects in San Francisco
17th June 2023 – Guangzhou R&F Co-Chairman & billionaire Zhang Li has agreed to be extradited on conditional bail from London to the United States to face criminal charges, having been arrested in London (provisional warrant issued seeking extradition to United States) in 2022 December for bribery to win permits for projects in San Francisco. In 2015, Z&L Properties (controlled by Zhang Li & Li Sze-Lim) acquired a project in San Francisco (325 Fremont Street) for $28.5 million. The charge alleged Zhang Li had offered bribes (kickbacks) from 2015 to 2020. Zhang Li had been freed on bail of more than $18 million (£15 million). Zhang Li co-founded Guangzhou R&F with Li Sze-Lim in 1994. Today, it is one of the largest property group in China. Zhang Li has an estimated fortune of around $2 billion.
Guangzhou R&F Co-Chairman & Billionaire Zhang Li Arrested in London for Bribery to Win Permits for Projects in San Francisco, Personal Fortune of $2 Billion
15th December 2022 – Guangzhou R&F Co-Chairman & billionaire Zhang Li had been arrested in London (provisional warrant issued seeking extradition to United States) for bribery to win permits for projects in San Francisco. In 2015, Z&L Properties (controlled by Zhang Li & Li Sze-Lim) acquired a project in San Francisco (325 Fremont Street) for $28.5 million. The charge alleged Zhang Li had offered bribes (kickbacks) from 2015 to 2020. Zhang Li had been freed on bail of more than $18 million (£15 million). Zhang Li co-founded Guangzhou R&F with Li Sze-Lim in 1994. Today, it is one of the largest property group in China. Zhang Li has an estimated fortune of around $2 billion.
Mr Zhang Li is a member of the 11th, 12th and 13th National Committee of the Chinese People’s Political Consultative Conference, president of the China Real Estate Chamber of Commerce, president of the Guangdong Corporation Chamber of Commerce in Beijing, honorary president of the 12th Guangdong General Chamber of Commerce, vice chairman of the China Red Ribbon Foundation, vice president of the Guangdong Public Security Foundation, honorary vice president of the Guangdong Narcotics Control Foundation, chairman of the Hope Project Private Enterprise Scholarship Fund and honorary president of Guangzhou Charity Association, and has been granted the title of “Guangzhou Honorary Citizen” and “Excellent Private Entrepreneur in Guangzhou”. He is a director and part-time professor at Jinan University.
R&F Group
Founded in 1994, R&F Group is headquartered in Guangzhou, China, and is now a diversified conglomerate engaged in real estate development, hotel development, commercial operation, design and construction, culture, recreation and tourism, internet industry and trade, and healthcare. In 2005, R&F was listed on the Main Board of the Hong Kong Stock Exchange (stock code: 2777), becoming the first real estate company from Mainland China to be included in the Hang Seng China Enterprises Index. R&F Group has a land bank of around 50 million square meters and recorded contracted sales of more than RMB120 billion in 2021. It provides products and services to 2 million people. R&F has also reserved a sizeable of quality urban renewal projects nationwide, especially in the Greater Bay Area.
R&F’s business has expanded from Guangzhou to Beijing, Shanghai, Tianjin, Hainan, Taiyuan and other key cities and regions across China, and has extended its business globally since 2013. To date, it has developed more than 450 projects in over 140 cities and regions around the world. R&F Group has been named as one of the “Top 10 Real Estate Development Enterprises in China” by the industry association for consecutive years, and it continues to rank among the top real estate development enterprises in the country.
For more than 20 years, R&F has adhered to a development strategy of “create a quality living with the heartbeat of the city”, creating beautiful places to live and work, and striving to become a world leader in building quality of life.
Chairman – Mr LI Sze Lim, SBS, JP and HonDBus(Macq), is a member of the 12th ExecutiveCommittee of the All-China Federation of Industry and Commerce, vice presidentof the China Civil Chamber of Commerce, chairman of the China Real EstateDevelopers and Investors Association, a member of the Decision-making Committeeof the Guangdong Provincial People’s Government, honorary president ofGuangdong Charity Federation, chairman of Guangdong Real Estate Chamber ofCommerce, chairman of board of directors and supervisory board of Hong Kong NewHome Association, honorary president of Guangzhou Chamber of Commerce ofPrivate Enterprises and president of Guangzhou Real Estate Association. He is adirector and part-time professor at Jinan University and a director of theadvisory board of Sun Yat-sen University.
Chairman, Chief Executive Officer – Mr Zhang Li is a member of the 11th, 12th and 13th National Committee of the Chinese People’s Political Consultative Conference, president of the China Real Estate Chamber of Commerce, president of the Guangdong Corporation Chamber of Commerce in Beijing, honorary president of the 12th Guangdong General Chamber of Commerce, vice chairman of the China Red Ribbon Foundation, vice president of the Guangdong Public Security Foundation, honorary vice president of the Guangdong Narcotics Control Foundation, chairman of the Hope Project Private Enterprise Scholarship Fund and honorary president of Guangzhou Charity Association, and has been granted the title of “Guangzhou Honorary Citizen” and “Excellent Private Entrepreneur in Guangzhou”. He is a director and part-time professor at Jinan University.
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