The ICAC on Friday charged a former chairman of listed Greentown China Holdings with accepting HK$20 million in bribes in connection with the company's acquisition of a Dalian project for 440 million yuan.

Zhang Yadong, 58, faces one count of conspiracy for an agent to accept advantages.

The charge alleges that between January 2020 and March 2023, he conspired with a middleman, a shareholder of a Dalian developer and his own son to accept HK$20 million from the shareholder for Greentown China to acquire equity interests of the developer.

The anti-graft body said the shareholder had been pitching a Dalian real estate project to the company since 2019.

Zhang allegedly solicited bribes through the middleman to push through the acquisition, with the payments suspected to have been deposited into his son's bank account.

The case will be mentioned at the Eastern Magistrates' Courts on Friday.

The ICAC said Greentown China rendered full assistance during its investigation.



Edited by Edmond Fong