Troubled developer China Fortune Land says co-president has been detained due to suspected ‘violation of laws’
- Beijing-based China Fortune Land said it was recently informed by a local anti-corruption agency that Meng Jing has been detained
- The Ping An Insurance-backed developer began defaulting on loans in early 2021, a major casualty of Beijing’s ‘three red lines’ policy
China Fortune Land Development’s co-president Meng Jing has been detained by authorities due to suspected violation of laws, according to a filing by the troubled mainland developer to the Stock Exchange of Shanghai on Tuesday.
Beijing-based China Fortune Land said it was recently informed by a local anti-corruption agency – the supervisory commission of Chongyang County in Xianning City, central Hubei province – about the detention of Meng.
“The company already has proper arrangements to handle the duties of Meng Jing. The board of directors and management team will try its best to maintain all business operations of the company in an orderly manner,” the filing states.
China Fortune Land said the detention of Meng will not interrupt daily operations at the company. “The investigation is ongoing … The company will closely monitor its progress and will make any disclosures as needed,” the filing states, without elaborating on specific charges against Meng.
China Fortune Land, which focuses on developing industrial estates and urban projects, was among the first developers in the country to default on its debt amid a widening property slump that has sucked in peers such as China Evergrande Group, Modern Land (China) and Sunac China Holdings.