Former Chairman of Greentown China Zhang Yadong Indicted Over Alleged HK$20 Million Bribe

36Kr reports that the Hong Kong Independent Commission Against Corruption (ICAC) announced this morning the indictment of Zhang Yadong, former chairman of Greentown China Holdings Limited. He is charged with allegedly accepting a bribe of HK$20 million from a Dalian real estate developer shareholder, which led Greentown China to acquire a local real estate project for 440 million RMB. The announcement states that Zhang Yadong faces one count of conspiring to accept benefits by an agent. He is suspected of conspiring between January 2020 and March 2023 with an intermediary, a Dalian real estate developer shareholder, the defendant's son, and others to accept the HK$20 million bribe from that shareholder, enabling Greentown China to obtain equity in the real estate developer. The investigation found that the involved shareholder had been promoting a real estate project in Dalian to Greentown China since 2019. Subsequently, the defendant allegedly solicited the bribe through the involved intermediary, facilitating Greentown China's acquisition of the project for 440 million RMB. The alleged bribe funds are suspected to have been deposited into the defendant's son's bank account in multiple installments via the intermediary.