China Authorities Take Away Real Estate Billionaire Amid Probe
Excellence Group Chairman Li Wa, one of China’s richest real estate developers, was taken away by authorities on Jan. 19 to assist with a government investigation, a credit rating agency said in a statement on Wednesday.
Li had an estimated fortune worth $3.7 billion and ranked No. 67 on the 2018 Forbes China Rich List.
The credit agency, China Chengxin Securities Rating, didn’t provide other details about the probe. Chengxin gave Shenzhen-headquartered Excellence an AA+ rating in June last year on debt sold in 2017.
China President Xi Jinping has made a crackdown on corruption a high-profile effort during his rule.
Chengxin said it would continue to follow developments and evaluate their impact on the company’s future operations and credit standing.