China’s real estate sector is being caught in a whirlwind of oversight by the Chinese Communist Party’s legal and disciplinary bodies. Two prominent real estate companies recently announced that their directors have been taken away for suspected criminal violations or they have lost contact with them.
The Chinese authority’s oversight of the property sector continues to intensify and a number of real estate enterprises underwent varying degrees of staff reshuffling in the past years.
China Fortune Land Development, a leading real estate company in northern Hebei Province, stated on Feb. 14 that it had recently received a notice from the supervisory committee of Chongyang county, Xianning city, Hubei Province, informing that its director and co-president, Meng Jian, had been investigated for suspected illegal crimes, according to Chinese financial media Security Times….