China Graft Probe Snares Another Developer After Kaisa
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Chinese authorities are probing a second Shenzhen property developer over ties to a former city official detained on graft allegations, widening an investigation that pushed Kaisa Group Holdings Ltd. to the brink of default.
Shenzhen Kingkey Group, builder of the world’s 11th tallest skyscraper, is being examined over suspicions that its executives had improper dealings with government officials, said people familiar with the matter. One is Jiang Zunyu, a former Shenzhen security official at the center of a graft probe, they said. Shenzhen blocked sales of at least 100 units from one Kingkey project, according to a government website.