Agile Property Chief to Resume Duties After Freed From DetentionFion Li
Agile Property Holdings Ltd. said its chairman will resume his duties tomorrow after being released from house arrest in China.
Chen Zhuolin, who also founded the Guangdong-based developer, is no longer being detained by prosecutors in Kunming city in southwest Yunnan province, the company said in a statement to the Hong Kong’s stock exchange today. Huang Fengchao, who oversaw Agile’s developments in Hainan and Yunnan provinces as executive director, will also return to work.
Agile Property was told by Chen’s wife that the chairman was held at a “designated residence” since the evening of Sept. 30, it said in an Oct. 10 statement. It didn’t provide a reason for the order. Six days later, the company said it wasn’t able to contact Huang, who had asked a manager to assist with queries from the Communist Party’s top anti-corruption agency.
“The management, operations and business of the group remain in its usual and normal manner,” Agile said in today’s statement.
Agile Property’s shares have tumbled 51 percent this year to close at HK$4.06 in Hong Kong on Dec. 12, while the city’s benchmark Hang Seng Index slipped 0.3 percent.