China developer Guangzhou R&F co-founder Zhang Li resigns as CEO

HONG KONG : Chinese property developer Guangzhou R&F Properties said on Friday that co-founder Zhang Li had quit as chief executive officer and as a director of the company, citing “other commitments which require more of his time and dedication”.

Earlier this year, 70-year old Zhang admitted bribing a former San Francisco official and entered into a deferred prosecution deal with U.S. prosecutors to avoid criminal charges, according to a court filing.

Under the agreement, the charge will be dismissed in three years if Zhang abides by the rules, including paying restitution.

Zhang was also a co-chairman of the company, along with Li Sze Lim.

The company’s statement on Friday did not name Zhang resigning as co-chairman but he was no longer listed on the company board in a separate filing.

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