China Authorities Take Away Real Estate Billionaire Amid Probe

China Authorities Take Away Real Estate Billionaire Amid Probe
01/02/2019 , by , in INTERNATIONAL

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.

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