China real estate billionaire Zhang Li faces extradition to the U.S. from London for allegedly paying bribes in connection with a construction project in San Francisco, Reuters reported.
Zhang, 69, co-chairs developer Guangzhou R&F Properties, one of China’s largest real estate developers. Hong Kong-listed Guangzhou R&F stated today it has “no interest” in the Zhang-linked company said to be involved in the California project. (See link.) R&F’s shares nevertheless dropped by 11.5% in Hong Kong today.
Zhang is wanted on a provisional warrant issued in the Northern District of California, Reuters reported. It accuses him of participating in a scheme to bribe public officials between 2015 and 2020, it said.
Zhang didn’t appear in a London court on Monday, where his lawyers asked a judge to grant him bail ahead of a legal battle against extradition to the U.S., Reuters said. He was granted bail of £15 million ($18.4 million), the joint highest sum ever recorded for UK courts, Bloomberg reported. “He’ll be confined 24 hours a day in an apartment on the 43rd floor of a London tower, monitored by security and CCTV,” Bloomberg said.
Zhang, worth $2.2 billion on the Forbes Real-Time Billionaires List today, co-chairs R&F with Hong Kong billionaire Li Sze Lim; the duo founded the company in 1994.
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