China Property Tycoon Zhang Li Arrested on US Bribery Charge
- R&F’s Zhang arrested in the UK on Nov. 30 after US request
- Zhang is contesting his extradition from UK, lawyer says
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The 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.
Shares and bonds of the distressed builder dropped on Tuesday morning following the news that Zhang was arrested on Nov. 30 by London police and is facing extradition proceedings. He is contesting his transfer to the US.